Western Digital (WDC) Shares Dropped 10% Despite Q2 Beat
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Western Digital (NASDAQ: WDC) shares fell more than 10% after-hours despite the company’s reported better-than-expected Q2 results.
Q2 EPS came in at $2.30, beating the consensus estimate of $1.86. Revenue grew 23% year-over-year to $4.83 billion, compared to the consensus estimate of $4.24 billion. Cloud (40% of total) revenue grew 89%, Client (38% of total) revenue declined 1%, and Consumer (22% of total) revenue remained flat year-over-year.
According to David Goeckeler, the CEO of Western Digital, despite continuing to experience strong demand across its end markets, supply chain disruptions and COVID-related challenges continue to present a headwind to the company’s near-term results.
The company expects Q3/22 EPS in the range of $1.50-$1.80, versus the consensus estimate of $1.76. Q3 revenue is expected in the range of $4.45-4.65 billion, better than the consensus estimate of $4.23 billion.
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