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Western Digital: Fiscal 1Q Earnings Snapshot

·1 min read

SAN JOSE, Calif. (AP) _ Western Digital Corp. (WDC) on Wednesday reported a loss of $60 million in its fiscal first quarter.

On a per-share basis, the San Jose, California-based company said it had a loss of 20 cents. Earnings, adjusted for one-time gains and costs, were 65 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.

The maker of hard drives for businesses and personal computers posted revenue of $3.92 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $3.83 billion.

For the current quarter ending in January, Western Digital expects its per-share earnings to range from 40 cents to 60 cents.

The company said it expects revenue in the range of $3.75 billion to $3.95 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $3.92 billion.

Western Digital shares have decreased 39% since the beginning of the year, while the Standard & Poor's 500 index has increased 1%. In the final minutes of trading on Wednesday, shares hit $38.81, a fall of 38% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WDC at https://www.zacks.com/ap/WDC