Western Digital Q1 earnings top estimates as cloud revenue jumps on storage demand

Invesitng.com -- Western Digital reported Thursday fourth-quarter earnings that topped Wall Street estimates as data storage demand continued to strengthen.  

Western Digital Corporation (NASDAQ:WDC ) rose more than 7% in afterhours trade following the report.

For the three months ended Sept. 30, Western Digital reported adjusted earnings of $1.78 per diluted share on revenue of $1.10 billion. Analysts polled by Investing.com anticipated EPS of $1.71 on revenue of $1.11 billion.

Cloud revenue, which represented 54% of total revenue, was up 153% in Q3 from a year earlier, driven by "higher nearline shipments in HDD and enterprise SSD bit shipments to data center customers," the company said.

Looking ahead to fiscal Q2, revenue was expected to be in the range of $4.20 billion to $4.40 billion with adjusted EPS in the range of $1.75 to $2.05. That compared with Wall Street estimates for EPS of $1.93 on revenue of $4.32 billion.

 

Source: Investing.com