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Western Digital (WDC) reported fiscal first-quarter results early Thursday that beat revenue estimates but missed on earnings. WDC stock rose.
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The disk-drive manufacturer reported adjusted earnings of 20 cents a share on revenue of $3.74 billion. Analysts expected Western Digital to report earnings of 38 cents a share on revenue of $3.58 billion.
“As we remain focused on innovation and execution, I am optimistic that Western Digital will emerge stronger as we continue to ramp multiple new products into data centers worldwide and market conditions improve,” Chief Executive David Goeckeler said in a written statement with the press release.
WDC stock initially jumped, but ended the day down 2.7% to close at 34.34 on the stock market today.
“As we remain focused on innovation and execution, I am optimistic that Western Digital will emerge stronger as we continue to ramp multiple new products into data centers worldwide and market conditions improve,” Goeckeler said.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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