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Western Digital: Fiscal 2Q Earnings Snapshot

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SAN JOSE, Calif. (AP) _ Western Digital Corp. (WDC) on Thursday reported fiscal second-quarter net income of $62 million, after reporting a loss in the same period a year earlier.

The San Jose, California-based company said it had net income of 20 cents per share. Earnings, adjusted for one-time gains and costs, came to 69 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The maker of hard drives for businesses and personal computers posted revenue of $3.94 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $3.89 billion.

For the current quarter ending in April, Western Digital expects its per-share earnings to range from 55 cents to 75 cents.

The company said it expects revenue in the range of $3.85 billion to $4.05 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $3.84 billion.

Western Digital shares have declined nearly 5% since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 1%. In the final minutes of trading on Thursday, shares hit $52.65, a decrease of 23% 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