0
Western Digital reported its second quarter financial results on Thursday, beating market expectations thanks to a “healthy” demand in enterprise storage and NAND flash.
The company reported a net loss of $823 million, or $2.78 a share. Non-GAAP earnings were $3.95 per share on revenue of $5.3 billion, up from $4.9 billion from a year ago. The company said the net loss was due to a $1.6 billion repatriation tax as a result of the Tax Cuts and Jobs Act.
Wall Street was looking for earnings of $3.79 a share on revenue of $5.29 billion.
“We continued our strong financial performance in the December quarter, with nine percent year-over-year revenue growth, driven by each of our major end-market categories and solid execution by our team,” Steve Milligan, CEO of Western Digital, said in a statement. “We once again generated strong operating cash flow, reflecting continued healthy demand in our end markets, most notably for our capacity enterprise hard drives and flash-based products.
See also: Toshiba and Western Digital put lawyers away and proceed with Toshiba Memory sale
Western Digital said it generated approximately $1.2 billion in cash from operations during the second quarter. It ended the quarter with $6.4 billion total cash, cash equivalents and available-for-sale securities.
For Q3, Western Digital told Wall Street it expects revenue of $4.9 billion and Non-GAAP earnings of $3.20 – $3.30 per share.
Shares of Western Digital fell roughly four percent in after hours trading Thursday.
Image: Western Digital
More Tech Earnings
Verizon adds 1.2 million net customer additions in Q4, ups 2018 growth outlook
Adobe ups Q1 financial targets, says CFO to retire
Atlassian tops Q2 targets on strong subscription revenue growth
IBM Q4 edges expectations, as-a-service run rate now $10.3 billion
BlackBerry’s Q3 tops estimates on strong enterprise software sales
Red Hat tops Q3 targets on strong subscription revenue growth
Adobe’s Q4 breaks $2 billion in revenue
Oracle Q2 strong on cloud, SaaS momentum
Related Topics:
Hardware
Reviews
Mobility
Data Centers
Cloud
0