Needham & Company Reiterates Strong Buy as Western Digital (WDC) Reports 4Q Results

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Go back to Needham & Company Reiterates Strong Buy as Western Digital (WDC) Reports 4Q Results

Western Digital Announces Financial Results for Fourth Quarter and Fiscal Year 2016

July 28, 2016 4:15 PM EDT

IRVINE, Calif.--(BUSINESS WIRE)-- Western Digital Corp. (NASDAQ: WDC) today reported revenue of $3.5 billion and a net loss of $351 million, or $1.34 per share, for its fourth fiscal quarter ended July 1, 2016. On a non-GAAP basis, fourth quarter net income was $208 million, or $0.79 per share. In the year-ago quarter, the company reported revenue of $3.2 billion and net income of $220 million, or $0.94 per share. Non-GAAP net income in the year-ago quarter was $356 million, or $1.51 per share.

The company generated $355 million in cash from operations during the fourth fiscal quarter of 2016, ending with total cash and cash... More