This post was originally published on this site
https://i-invdn-com.akamaized.net/news/LYNXMPEB0R00Z_M.jpg
Investing.com – Western Digital (NASDAQ:WDC) reported on Wednesday first quarter earnings that beat analysts’ forecasts and revenue that topped expectations.
Western Digital shares gained 3% in after-hours trade following the report.
Western Digital announced earnings per share of $0.65 on revenue of $3.92B. Analysts polled by Investing.com anticipated EPS of $0.55 on revenue of $3.84B.
The beat was led by strong performance in its client devices business, easing the blow from weaker performance in data center and client solutions business, which the company pinned on weakness in the global economy.
Client Devices increased 20% year-on-year to $1.95 billion in the quarter, while data center devices and solutions dropped 26% to $1.1 billion, and client solutions slipped 5% to $847 million.
“The decrease is largely attributable to the uncertainty associated with the global economic contraction and geopolitical headwinds, which resulted in shifts in customer buying patterns impacting data center devices & solutions and client solutions,” the company said.
Western Digital shares are down 38% from the beginning of the year, still down 46.06% from its 52 week high of $72.00 set on January 23. They are under-performing the S&P 500 which is up 1.24% from the start of the year.
Looking ahead to the fiscal first quarter, the company guided revenue of $3.75-to-3.95 billion and earnings of $0.40-to-$0.60 a share, compared with estimates for $3.86 billion and $0.55 a share respectively.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
