🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Western Digital posts FQ3 earnings, revenue beat; shares down

Published 04/25/2024, 04:36 PM
Updated 04/25/2024, 04:38 PM
© Reuters Western Digital (WDC) posts FQ3 earnings, revenue beat; shares down
WDC
-

Western Digital (NASDAQ:WDC) reported better-than-expected earnings and revenue for the fiscal Q3 2024, though shares still slipped 2% in after-hours trading.

The digital storage solutions provider reported FQ3 earnings per share (EPS) of $0.63, exceeding the consensus projection of $0.21, as the estimate was $0.21. Revenue came in at $3.46 billion, also above the expected $3.36 billion.

The non-GAAP gross margin was 29.3%, a slight improvement from 29% the previous year.

For the fourth quarter of 2024, Western Digital projects an EPS in the range of $0.90 to $1.20, which is above the consensus estimate of $0.84.

The company also expects revenue to be between $3.6 billion and $3.8 billion, compared to analysts' forecast of $3.69 billion.

“As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets,” said David Goeckeler, CEO of Western Digital.

“We are confident in our strategy and the actions we have taken to-date, which successfully position us to capitalize on the promising growth prospects that lie ahead.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.