Western Digital Corporation (WDC) reported a decrease in losses in the second quarter of this fiscal year, surpassing the Wall Street projections. The company recorded a negative bottom line of $282 million equating to $0.87 per share. This is an improvement compared to last year's second quarter figures of a $446 million loss and $1.40 loss per share.
Upon adjusting for certain factors, Western Digital reported a loss of $224 million or $0.69 per share for this period. This was much better than analysts' expectation of a loss of $1.13 per share, as per Thomson Reuters' compiled figures, which typically exclude special items.
For this quarter, the company's revenue fell by 2.6%, from last year's $3.11 billion to $3.03 billion. In terms of Generally Accepted Accounting Principles (GAAP), the earnings for Western Digital are as follows:
- Earnings for the second quarter: -$282 million compared to -$446 million last year
- Earnings Per Share for the second quarter: -$0.87 compared to -$1.40 last year
- Analyst estimates were -$1.13
- Revenue for the second quarter: $3.03 billion compared to $3.11 billion last year
Their guidance for the coming quarter forecasts Earnings Per Share (EPS) to be in the range of -$0.10 to $0.20. In addition, their revenue guidance for next quarter is anticipated to be between $3.20 and $3.40 billion.
