Western Digital reported better-than-expected earnings and sales for the March-ending quarter on Thursday, boosting its stock price. The company earned an adjusted 63 cents per share on $3.46 billion in sales, surpassing analyst predictions of 22 cents per share on $3.37 billion in sales.
Looking ahead, Western Digital expects to generate $3.7 billion in sales for the current quarter at the midpoint of its range, slightly below analyst projections of $3.71 billion. Despite the strong performance, Western Digital’s stock was down fractionally in after-hours trading.
Western Digital is one of the largest makers of hard disk drives and flash data storage products, and it plans to spin off its flash and hard-drive businesses by the second half of 2024. Prior to earnings, Western Digital stock was trading flat at $69.44, up 32% year-to-date and 111% in the past 12 months.
Western Digital’s technical ratings indicate mixed performance, with a Composite Rating of 66 out of 99, an EPS Rating of 5 out of 99, and a Relative Strength rating of 96 out of 99. Despite recent struggles in earnings, investors are optimistic about a potential turnaround in Western Digital stock.
Investors may also want to consider other data storage companies like Nvidia and Amazon as potential investments. Additionally, learning from growth stock experts in programs like IBD Live can provide valuable insights for making investment decisions.