Western Digital 2Q net hurt by declining shipments

Western Digital 2Q net hurt by falling hard drive shipments, but beat analysts' expectations

Associated Press

IRVINE, Calif. (AP) -- Western Digital Corp., which makes computer hard drives, said Wednesday that its fiscal fourth-quarter net income dropped 44 percent after a decline in the number of hard drives it shipped.

Western Digital shipped 59.9 million hard drives, down from 71 million a year earlier.

It earned $416 million, or $1.71 per share, for the quarter that ended June 28. That was down from $745 million, or $2.87 per share, during the same period last year.

Revenue fell almost 22 percent to $3.73 billion.

Without one-time items it would have earned $477 million, or $1.96 per share. Analysts surveyed by FactSet expected a profit of $1.81 per share on revenue of $3.63 billion.

For the full year, net income rose 3 percent to $1.66 billion, or $6.75 per share, from $1.61 billion, or $6.58 per share, a year ago. Revenue rose 23 percent to $15.35 billion.

The Irvine, Calif.-based company makes hard drives and solid-state drives under the WD and HGST brands.

Western Digital shares fell 30 cents to close at $67.53. They fell another $2.53, or 3.8 percent, to $65 in extended trading.

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