Western Digital Corp (NASDAQ:WDC) shares are rising in extended trading Wednesday after the company reported better-than-expected financial results and issued strong guidance.
- Q4 Revenue: $2.612 billion, versus estimates of $2.45 billion
- Q4 Adjusted EPS: $1.66, versus estimates of $1.47
WDC stock is on the move. Check the price action here.
Total revenue climbed 30% on a year-over-year basis, driven by continued strong momentum in Cloud. Western Digital generated $746 million in cash flow from operations and $675 million of free cash flow.
The company ended the quarter with approximately $2.11 billion in cash and cash equivalents. Western Digital’s board approved a cash dividend of 10 cents per share to be paid on Sept. 18 to shareholders of record as of Sept. 4.
“We are confident that HDDs will continue to remain the foundation of the world’s data infrastructure, delivering unmatched value for mass storage in an AI-driven future,” said Irving Tan, CEO of Western Digital.
Guidance: Western Digital expects first-quarter revenue to be between $2.6 billion and $2.8 billion versus estimates of $2.51 billion, per Benzinga Pro. The company anticipates first-quarter adjusted earnings of $1.54 to $1.69 per share versus estimates of $1.35 per share.
WDC Price Action: Western Digital shares were up 7.04% in after-hours, trading at $76.46 at the time of publication Wednesday, according to Benzinga Pro.
Read Next:
Photo: Shutterstock.
