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Thursday, Jun 30, 2022

WD Revenue, Profits Up

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Irvine-based disk drive maker Western Digital Corp. reported big increases in revenue and profit for the latest quarter, totals that reflected its recent acquisition of Hitachi Global Storage Technologies Ltd., which closed earlier this year.

Western Digital last month cut its forecast for revenue for the September quarter.

The company’s shares closed on Monday at $35.28 to a market value of $8.72 billion, and dropped nearly 7% in after-hours trading.

Revenue for the recent quarter was $4.04 billion, up 50% from a year ago. Analysts on average had expected $3.98 billion.

Net income for the quarter was $519 million, more than double the year-ago period. The figure was $594 million excluding one-time items, the company said. Analysts had expected about $579 million.

Western Digital reported it shipped 62.5 million hard-disk drives in the quarter, compared with 57.8 million a year earlier.

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