Western Digital forecast quarterly revenue slightly above Wall Street estimates on Wednesday, betting on strong AI-driven demand for its hard disk drives.
Despite the forecast, its shares dropped more than 9% in extended trading, after the forecast failed to impress investors even though the stock has tripled this year on expectations of sustained AI-driven growth.
Financial Details
Western Digital expects first-quarter revenue of $4.1 billion, plus or minus $100 million, with the midpoint a touch above analysts’ average estimate of $4.04 billion.
It expects adjusted profit of $4 per share, plus or minus 15 cents, also above the estimate of $3.81.
The company reported a 44% rise in fourth-quarter revenue to $3.75 billion, beating the estimate of $3.69 billion.
Adjusted profit came in at $3.56 per share, compared with the estimate of $3.30.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
