Lake Forest-based disk drive maker Western Digital Corp. sees better-than-expected market conditions for the June quarter.
In a recent filing with the Securities and Exchange Commission, Western Digital upped its outlook for the three months through July 3, but it didn’t give any specific dollar amounts.
The company said demand “is tracking ahead of expectations” and that its stockpiles remain at “historically low levels.”
It also said that declines in the average selling prices of hard drives that go into computers, consumer electronics and other devices “have been at the lower end of the anticipated range.”
Disk drive industry analysts have been wrestling to pinpoint indications of true demand.
Western Digital and other computer products makers have seen a slight uptick in orders since the start of the year, but it’s unclear if this is due to demand improving or manufacturers restocking inventory that had fallen to low levels.
For the current quarter, analysts are expecting Western Digital to post profits of $51 million on sales of $1.5 billion.
Needham & Co. analyst Richard Kugele upped his estimates for the June quarter.
He expects Western Digital to report profits of $58 million on revenue of $1.6 billion.
He increased his price target on the stock to $30 a share, up from $26 a share.
“Western Digital’s relentless cost controls and tight utilization management continue to position the company to weather downturns and benefit from upside when it occurs,” Kugele said in a research note. “There’s no bailout necessary.”
Broadcom Board
Irvine communications chipmaker Broadcom Corp. added a corporate finance guru to its board to replace longtime company veteran Alan “Lanny” Ross.
Broadcom elected Joan Amble, vice president and corporate controller of New York-based American Express Co., as its newest director.
Ross, who was Broadcom’s chief executive from 2003 to 2005, retired from the board last month after serving as a director since 1995.
Ross was the last “insider” on Broadcom’s board besides Chief Executive Scott McGregor.
He was a big transitional figure at Broadcom.
In the eyes of many, chip industry veteran Ross helped the company make the shift from its high-flying startup days under founder and former chief executive Henry Nicholas to the more polished, mature company it is today.
Amble, 56, joined American Express in late 2003.
She’s held various financial and corporate posts at General Electric Co. going back to 1992.
Amble worked for the Financial Accounting Standards Board from 1984 to 1989 and Ernst & Young LLP from 1977 to 1984.
She’s also a director of Sirius XM Radio Inc.
Broadcom’s board now has seven other members, including McGregor, Chairman John Major, George Farinsky, Nancy Handel, Eddy Hartenstein, William Morrow and Robert Switz.
Hartenstein, former chief executive and chairman of DirectTV Group Inc., and Morrow, chief executive of Pacific Gas & Electric Co., part of PG & E; Corp., joined the board last year.
Major took the top board spot last year after cofounder and technology adviser Henry Samueli stepped down.
Memory Keeper
Aliso Viejo-based software startup Memeo Inc. appointed a president to help scale the company’s operations.
George Northrup, 50, will be based in Me-meo’s San Jose office to help steer its expansion.
Founder and Chief Executive Hong Bui remains in his post in the local office.
The company, which got its start in 2003, makes software that helps consumers safeguard their photos, music and other files automatically. The software backs up files as new ones are added or changed.
Prior to Memeo, Northup was president and chief executive at Menlo Park-based AuctionDrop Inc., which acts as an online middleman to sell surplus inventory from retailers and manufacturers.
He’s been involved with a handful of startups in Internet commerce and software.
“George’s strong background in building mid-stage companies and overseeing successful exit strategies comes at a perfect time for our rapidly expanding business,” Bui said.
The privately held startup doesn’t disclose financials but became profitable last year, the company said.
‘World of Warcraft’ Museum
Artwork from Irvine-based Blizzard Entertainment Inc.’s online blockbuster game “World of Warcraft” is set to go on display at the Laguna Art Museum in Laguna Beach.
“WoW: Emergent Media Phenomenon” is a study of the game, which counts nearly 12 million players all over the world, and the artists who are inspired by its fantasy worlds.
The exhibit has three parts: the art and history of the game, fan art and artists who use “World of Warcraft” as inspiration for their work.
The exhibit, on display from Sunday until Oct. 4, will run in conjunction with lectures, programs and workshops.
This year marks the 15th anniversary of the “Warcraft” franchise. It started in 1994 with “Warcraft: Orcs and Humans.”
Correction
The June 1 tech column should have said that Local.com Corp. lost $3 million in the first quarter.
