WDC - Why Western Digital Fell Today
Shares of hard disk drive (HDD) and NAND flash producer Western Digital (NASDAQ: WDC) fell today, down 5.8% as of 3:13 p.m. ET.
Western Digital reported earnings yesterday after market close. While the company's bottom line beat estimates, revenue came up short. Additionally, management forecast sharp declines for the current quarter that were well below analyst expectations. Finally, some may have been disappointed in management's noncommittal to a recent activist investor proposal.
In its fiscal fourth quarter, Western Digital reported revenue of $4.53 billion, down 8% from the prior year, as well as non-GAAP (adjusted) earnings per share of $1.78, down 18%. That profit result actually came in ahead of analyst expectations, even as revenue fell short.
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Why Western Digital Fell Today