Western Digital Shares Drop 3% Despite Q2 Beat
Western Digital Shares Drop 3% Despite Q2 Beat

Western Digital Shares Drop 3% Despite Q2 Beat

Jan. 26, 2024, 10:52 a.m., readers: 13

Western Digital (NASDAQ:WDC) delivered its fiscal second-quarter results on Thursday, outperforming analysts' expectations despite experiencing a decrease in margins. However, following the report, Western Digital shares saw a more than 3% decline in pre-market today. The company reported a loss per share of $0.69 on revenue of $3.03 billion. This result was more favorable than the loss of $1.13 on revenue of $2.99 billion that analysts had predicted. The company's cloud revenue decreased by 13% in Q2 compared to the same period last year, primarily due to a reduction in eSSD bit shipments. In contrast, revenue in the client and consumer segments saw an increase of 3% and 6%, respectively. Looking ahead to fiscal Q3, Western Digital expects adjusted EPS to range from -$0.10 to $0.20 on revenue between $3.20 billion and $3.40 billion. This forecast surpasses analyst predictions of a $0.50 loss on revenue of $3.09 billion.


About NASDAQ: WDC

W estern Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

Price: 55.69
Market cap: 18.1 billion USD
Eps: -7.26
P/e ratio: -7.67
Terminal Research: WDC