It's amazing what happens when you consolidate a commodity market like hard drives. Western Digital's second quarter tells the tale.
The company reported fiscal second quarter earnings of $335 million, or $1.36 a share, on revenue of $3.8 billion. Non-GAAP earnings were $2.09 a share. Wall Street was looking for second quarter earnings of $1.82 a share on revenue of $3.68 billion.
Western Digital's results come amid weak PC sales and economic turmoil. CEO Steve Milligan credited "outstanding execution" from Western Digital and its HGST unit, which was acquired.
The strong earnings report comes just a few weeks after Seagate said it would report a solid quarter. Seagate and Western Digital consolidated the hard drive industry and are reaping the benefits.