Western Digital stock pops as earnings, outlook beat Street

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Western Digital Corp.
WDC,
+0.75%
shares rallied in the extended session Thursday after the data-storage products company’s quarterly results and outlook topped Wall Street estimates. Western Digital shares surged 7% after hours, following a 0.8% gain in the regular session to close at $71.13. The company reported fiscal third-quarter net income of $197 million, or 63 cents a share, compared with $17 million, or 6 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.02 a share, compared with 85 cents a share in the year-ago period. Revenue declined to $4.14 billion from $4.18 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 68 cents a share on revenue of $3.97 billion. Western Digital forecast earnings of $1.30 to $1.60 a share on revenue of $4.4 billion to $4.6 billion for the fiscal fourth quarter. Analysts had estimated $1.02 a share on revenue of $4.27 billion for the quarter.

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