Western Digital Reports Strong Q4 Earnings

Invesitng.com — Western Digital reported Thursday that its fourth-quarter earnings exceeded Wall Street estimates as data storage demand continued to strengthen.

Western Digital Corporation (NASDAQ: WDC) saw a rise of more than 7% in after-hours trading following the report.

For the three months ended September 30, Western Digital reported adjusted earnings of $1.78 per diluted share on revenue of $1.10 billion. Analysts polled by Investing.com had anticipated earnings per share (EPS) of $1.71 on revenue of $1.11 billion.

Cloud revenue, which comprised 54% of total revenue, increased 153% in Q3 compared to the same period last year. This growth was driven by higher nearline shipments in HDD and enterprise SSD bit shipments to data center customers, as stated by the company.

Looking ahead to fiscal Q2, revenue is expected to be in the range of $4.20 billion to $4.40 billion, with adjusted EPS anticipated to be between $1.75 and $2.05—compared to Wall Street estimates of EPS of $1.93 on revenue of $4.32 billion.