WDC - Why Western Digital Stock Popped Today
2023-10-30 16:57:13 ET
Shares of Western Digital (NASDAQ: WDC) were up 7.2% as of 3:45 p.m. ET Monday after the company announced better-than-expected quarterly results along with a plan to split into two separate public companies.
Western Digital's headline numbers for its fiscal first quarter (ended Sept. 29, 2023) didn't look strong at first glance; revenue declined 26% year over year, to $2.75 billion, translating to an adjusted ( non-GAAP ) net loss of $554 million, or $1.76 per share. The latter included $225 million of "underutilization-related charges" taken during the quarter in Western Digital's flash and hard drive segments.
However, these results compared favorably to analysts' consensus expectations, which called for an even wider adjusted net loss of $1.90 per share on revenue of only $2.66 billion.
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Why Western Digital Stock Popped Today