Western Digital (WDC) Reports In-Line Q1 EPS, Revenues Miss

Western Digital (NASDAQ: WDC) reported Q1 EPS of $3.04, in-line with the analyst estimate of $3.04. Revenue for the quarter came in at $5 billion versus the consensus estimate of $5.14 billion.

“Our fiscal first quarter results reflected strength in capacity enterprise, surveillance hard drives and embedded flash solutions, with each growing revenue over 30% from the year-ago quarter,” said Steve Milligan, chief executive officer of Western Digital. “However, strength in these end markets was offset by ongoing declines in flash pricing. A more challenging global business environment and the corresponding economic impacts are contributing to a more conservative demand outlook for our products. In response to these conditions, we are taking immediate actions to align our flash output with projected demand. We remain focused on successfully navigating the current market conditions as we continue to build the Western Digital platform for long-term success and industry leadership.”

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