Western Digital Beats Q2 Revenue, Earnings Estimates
Portfolio Pulse from Erica Kollmann
Western Digital Corporation (NASDAQ:WDC) reported Q2 financial results with adjusted losses of $0.69 per share, surpassing analyst estimates of a $1.13 loss per share. Sales reached $3.03 billion, slightly above the $2.99 billion estimate but down 2.4% year-over-year. Consumer revenue grew 15% QoQ, while cloud revenue increased 23% QoQ. The company forecasts Q3 revenue between $3.20 billion and $3.40 billion, with adjusted EPS ranging from a $0.10 loss to a $0.20 gain. WDC shares dropped 3.88% after hours to $57.99.
January 25, 2024 | 9:35 pm
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NEGATIVE IMPACT
Western Digital exceeded Q2 earnings and revenue estimates, with a positive outlook for Q3. However, shares fell 3.88% after hours.
Despite beating Q2 estimates and providing a positive outlook for Q3, WDC's after-hours stock price decline suggests a short-term negative impact. Investors may have expected even better results or are concerned about the year-over-year sales decrease.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100