Western Digital saw strong first quarter demand from its enterprise and surveillance hard drives, but gains were offset by falling flash memory prices.
The company met expectations with non-GAAP first quarter earnings of $3.04 a share, but revenue of $5 billion was off the estimate of $5.14 billion. The company reported net income of $511 million, or $1.71 a share.
Steve Milligan, CEO of Western Digital, said the results "reflected strength in capacity enterprise, surveillance hard drives and embedded flash solutions, with each growing revenue over 30% from the year-ago quarter." But declines in flash pricing hurt the company.
The company added that it is taking "immediate actions" to curb manufacturing to meet demand.