Western Digital reported fiscal first-quarter results early Thursday that beat revenue estimates but missed on earnings. WDC stock rose.
The disk-drive manufacturer reported adjusted earnings of 20 cents a share on revenue of $3.74 billion. Analysts expected Western Digital to report earnings of 38 cents a share on revenue of $3.58 billion.
"As we remain focused on innovation and execution, I am optimistic that Western Digital will emerge stronger as we continue to ramp multiple new products into data centers worldwide and market conditions improve," Chief Executive David Goeckeler said in a written statement with the press release.
WDC stock initially jumped, but ended the day down 2.7% to close at 34.34 on the stock market today.
"As we remain focused on innovation and execution, I am optimistic that Western Digital will emerge stronger as we continue to ramp multiple new products into data centers worldwide and market conditions improve," Goeckeler said.
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