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Western Digital beats market expectations for Q3

The hard disk drive and memory chip maker saw solid demand for all NAND based products.
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Written by Stephanie Condon, Senior Staff Writer on

Western Digital reported its third quarter financial results on Thursday, exceeding market expectations after seeing solid demand for NAND based products.

The company reported non-GAAP net income was $716 million, or $2.39 per share, on revenue of $4.6 billion.

Wall Street was looking for earnings of $2.14 per share on revenue of $4.58 billion.

In a statement, CEO Steve Milligan noted the "good demand for all NAND based products, as well as for capacity enterprise and client hard drives. Additionally, he said, the company "achieved targeted cost and efficiency improvements and improved our liquidity position with strong cash flow generation."

"With three consecutive quarters of strong financial results since completing the SanDisk acquisition, we are seeing continued validation of our growth strategy and our ongoing transformation into a comprehensive provider of diversified storage products and technologies," he said.

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