Is Western Digital Marking A Bottom? Analysts Takeaways On FQ4 Print, Outlook
Portfolio Pulse from Priya Nigam
Shares of Western Digital Corp (NASDAQ:WDC) were trading lower despite reporting upbeat earnings for its fiscal fourth quarter. Analysts from Wedbush, Mizuho Securities, and Benchmark provided their takeaways from the earnings release. While revenues were ahead of expectations, the company's guidance for the fiscal first quarter was short of consensus estimates. Analysts noted improvements in consumer/client demand, but softer enterprise conditions. The company's NAND gross margins continue to be impacted by underutilization, and cloud/enterprise demand remains weak.
August 04, 2023 | 9:33 am
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Western Digital Corp reported upbeat Q4 earnings, but shares traded lower. The company's Q1 guidance was short of estimates. Analysts noted improvements in consumer demand but softer enterprise conditions.
Despite reporting upbeat Q4 earnings, Western Digital's shares traded lower due to the company's Q1 guidance falling short of consensus estimates. This indicates that investors may have concerns about the company's future performance. Additionally, while there were improvements in consumer/client demand, softer enterprise conditions could negatively impact the company's performance.
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