Western Digital Corp. (NASDAQ: WDC) reported its fiscal third-quarter financial results after the markets closed on Thursday. The results were underwhelming to say the least, and investors were exiting the stock all of Friday. Analysts took this chance to update their views on this stock. We have included highlights from the earnings report as well.
One thing to keep in mind when seeing these results is that the cost of 1 terabyte (TB) of storage is so low that one has to wonder how these companies make money these days with the great cloud migration.
The company said it had $1.21 in earnings per share (EPS) on $2.82 billion in revenue. That compared to consensus estimates that of $1.25 in EPS on revenue of $2.86 billion.
Also in this report, Western Digital indicated that it continues to expect to complete its planned acquisition of SanDisk in the June quarter.
The report said cash, cash equivalents and short-term investments totaled $6.03 billion, compared to $5.29 billion at the end of the previous fiscal year.
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