​Western Digital: Flash price declines hamper strong Q1

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Western Digital saw strong first quarter demand from its enterprise and surveillance hard drives, but gains were offset by falling flash memory prices.

The company met expectations with non-GAAP first quarter earnings of $3.04 a share, but revenue of $5 billion was off the estimate of $5.14 billion. The company reported net income of $511 million, or $1.71 a share.

Steve Milligan, CEO of Western Digital, said the results “reflected strength in capacity enterprise, surveillance hard drives and embedded flash solutions, with each growing revenue over 30% from the year-ago quarter.” But declines in flash pricing hurt the company.

The company added that it is taking “immediate actions” to curb manufacturing to meet demand.

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