Irvine-based storage products maker Western Digital Corp. said first-quarter revenue grew 4% while income fell 15%.
The company attributed results to a higher corporate demand offset by a 67% increase in marketing expenses.
Revenue rose $3.94 billion for the quarter, up from $3.8 billion in the same period last year. Net income was $423 million, or $1.76 per share, compared with $495 million, or $2.05 per share, year-over-year.
But revenue beat analysts’ expectations of $3.88 billion, and adjusted earnings for the quarter were $2.10, which slightly topped analysts’ expectations of $2.04 per share.
Western Digital shares were down 2% on the news after market to $91.20 and a market cap of $21.7 billion. Shares recovered those losses in midday Wednesday trading to $95.60 and a market cap of $22.4 billion.
The stock is up about 10% since the beginning of the year and by 30% in the past 12 months.
