Western Digital Beats Q2 Revenue, Earnings Estimates

Western Digital Corporation WDC announced its second-quarter financial results after the market close Thursday. Here are the highlights from the quarte.

The Details:

Western Digital reported quarterly adjusted losses of 69 cents per share beating the analyst consensus estimate of losses a $1.13 per share by 38.94%. The company reported quarterly sales of $3.03 billion, just beating the analyst consensus estimate of $2.99 billion by 1.4% and representing a 2.4% decrease from sales of $3.11 billion in the same period last year.

Consumer represented 28% of total revenue and increased by 15% quarter-over-quarter, and cloud represented 35% of total revenue, an increase by 23% quarter-over-quarter.

The company expects third-quarter revenue to be in the range of $3.20 billion to $3.40 billion and third-quarter adjusted earnings per share in the range of losses of 10 cents per share to earnings of 20 cents per share.

“Western Digital’s second quarter results demonstrate that the structural changes we have put in place over the last few years and the strategy we have been executing are producing significant outperformance across our flash and HDD businesses,” said David Goeckeler, Western Digital CEO.

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WDC Price Action: According to data from Benzinga Pro, Western Digital shares were down 3.88% after hours at $57.99 at the time of publication.

Image: Reto Scheiwiller from Pixabay