Western Digital Results Beat in Q2, but Softer Guidance Spooks Investors

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Western Digital Results Beat in Q2, but Softer Guidance Spooks Investors
Credit: © Reuters.

By Yasin Ebrahim

Investing.com - Western Digital (NASDAQ: WDC ) reported Thursday second quarter results that beat analysts' forecasts, but guidance fell short of forecast, pointing to persisitant supply-chain and pandemic disruptions.

Western Digital slumped more than 14% in afterhours trade.

Western Digital announced earnings per share of $2.30 on revenue of $4.83 billion. Analysts polled by Investing.com anticipated EPS of $2.12 on revenue of $4.81 billion.

Cloud revenue, which represented 40% of total revenue, was down 14% sequentially in Q4, as "supply chain disruptions impacted cloud hard drive deployments at certain customers, which led to a sequential decline in exabyte shipments in the fiscal second quarter," the company said.

Looking ahead, the company guided fiscal Q3 earnings and revenue below Wall Street estimates.

Revenue was expected to be in the range of $4.45 billion to $4.65 billion with non-GAAP EPS in the range of $1.50 to $1.80. That compared with Wall Street estimates for EPS of $1.93 on revenue of $4.73 billion.

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