Western Digital lands just above fiscal Q1 expectations

Wall Street was expecting earnings of at least $2.03 per share with revenue of $3.89 billion.

Western Digital handed in its fiscal first quarter earnings report after the bell on Tuesday.

The storage giant reported a net income of $423 million, or $1.76 per share (statement).

Non-GAAP earnings were $2.10 per share on a revenue of $3.9 billion.

Wall Street was expecting earnings of at least $2.03 per share with revenue of $3.89 billion.

In prepared remarks, CEO Steve Milligan accredited the better-than-expected revenue and earnings results to "consistent financial performance" and strategy execution.

In summary, nothing appears to be broken, so Milligan and company are continuing on with business as usual.

Milligan elaborated:

We were pleased to see strength and momentum in our capacity enterprise hard drive and flash platform solutions businesses. Our client and branded products businesses were seasonally strong as expected and our performance enterprise business was steady. Overall, we believe industry dynamics are stable in terms of supply and demand and inventory levels. 

For the current quarter, Wall Street expects earnings of $2.20 per share and revenue of $3.9 billion.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All