Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Western Digital Offers Sunnier Outlook on Memory Demand as Earnings Beat in Q2

Stock MarketsJan 30, 2020 04:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Western Digital Earnings, Revenue Beat in Q2

Investing.com - Western Digital (NASDAQ:WDC) reported on Thursday second-quarter results that beat analysts' forecasts and offered up a sunnier outlook on chip demand for the year ahead.

Western Digital (NASDAQ:WDC) announced earnings per share of $0.62 on revenue of $4.23B. Analysts polled by Investing.com anticipated EPS of $0.57 on revenue of $4.22B. That with comparison to EPS of $1.45 on revenue of $4.23B in the same period a year before. Western Digital had reported EPS of $0.34 on revenue of $4.04B in the previous quarter. Analysts are expecting EPS of $0.7 and revenue of $4.06B in the upcoming quarter.

The beat on the top-line comes as falling memory prices appear to have bottomed, spurring improved margins.

“The December quarter results reflect strong execution in our product roadmap, success in increasing our hard drive gross margin, and an improving flash market,” said Steve Milligan, chief executive officer, Western Digital.

Western Digital shares are up 5.47% from the beginning of the year and are trading at $71.05 , still down 7.03% from its 52 week high of $72.00 set on January 23. They are outperforming the Nasdaq which is up 2.87% year to date.

Looking ahead, the company said: "We expect an accelerated recovery in our flash gross margins, which coupled with ongoing strength in demand for both hard drives and flash, positions us well for continued profitable growth in calendar year 2020.”

Western Digital (NASDAQ:WDC) shares gained 6.14% in after-hours trade following the report.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

Western Digital Offers Sunnier Outlook on Memory Demand as Earnings Beat in Q2
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email