Western Digital Corporation (NASDAQ:WDC) announced third-quarter financial results after the bell on Thursday. Here’s a look at the highlights.
Western Digital reported profit of 63 cents per share, missing the consensus of 20 cents. The company reported quarterly revenue of $3.46 billion, beating analysts’ consensus estimate of $3.36 billion.
Cloud revenue of $1.55 billion represented 45% of total revenue, with growth driven primarily by higher nearline shipments and improved nearline unit pricing, with flash revenue increasing both sequentially and im year-on-year increase.
Customer revenue of $1.17 billion represented 34% of total revenue. Sequentially, the increase in flash ASP more than offset a decline in flash bit shipments, while HDD sales declined. The year-over-year increase was driven by growth in both flash and HDD ASPs and flash bit shipments.
Consumer sales of $730 million accounted for 21% of total sales. Sequentially, both Flash and HDD declined at roughly similar rates and in line with seasonality. The year-over-year increase was driven by growth in flash bit shipments and ASP.
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“As demonstrated by our outstanding third quarter results, Western Digital continues to improve full-cycle profitability and mitigate economic cycles by leveraging our strategy to develop a diversified portfolio of industry-leading products across a broad range of end markets,” said David GoeckelerCEO of Western Digital.
Outlook: Western Digital expects fourth-quarter profit of between 90 cents and $1.20 per share, versus the estimate of 84 cents. Fourth-quarter revenue is forecast at $3.6 billion to $3.8 billion, compared to the estimate of $3.69 billion.
“We are in the process of realizing the full potential of this business and as the supply and demand dynamics in the industry continue to improve, we will remain disciplined in our capital expenditures and focused on driving innovation and efficiency across our businesses,” said Goeckeler.
Related News: S&P Global Reports Q1 Results, Raises Revenue Guidance
WDC price promotion: Western Digital shares are down 1.07% at $68.70 in after-hours trading on Thursday, according to Benzinga Pro.
Photo via Wikimedia Commons
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This article Western Digital Q3 Earnings: Revenue Beat, Higher ASP, Upbeat Q4 Guidance And More originally appeared on Benzinga.com
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