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Western Digital beats on revenue and reports narrower-than-expected adjusted loss

Investing.com -- Western Digital Corporation (NASDAQ:WDC) beat revenue expectations and posted a narrower-than-expected loss for the fiscal third quarter.

Shares rose 1% in after-hours trading and are up 8.5% so far this year.

The company, which makes data storage devices, said third-quarter revenue was $2.8 billion, at the high end of its guidance range. The adjusted loss per share was $1.37, including $200 million of underutilization related charges in Flash and HDD, the company said.

Analysts expected the company to report a third-quarter adjusted loss per share of $1.57 on revenue of $2.7B. That was down from revenue of $4.38B in the same quarter last year.

Western Digital said to expect fiscal fourth quarter 2023 revenue to be in the range of $2.40B to $2.60B. That would be below expectations for $2.86B.

David Goeckeler, Western Digital CEO, said: “The groundwork we laid, combined with the actions we have taken since the beginning of this fiscal year to right-size and refocus our businesses, have enabled us to navigate a dynamic environment.” 

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