Western Digital (WDC, Financial) saw its stock rise significantly, up over 10%, following its pre-market trading announcement. The company reported strong financial results for the first quarter of the 2024 fiscal year, ending in September.
The company achieved a profit of $493 million, translating to an earnings per share (EPS) of $1.35. This marks a substantial turnaround from the same period last year, where it experienced a net loss of $700 million, with a loss per share of $2.17.
Adjusted EPS came in at $1.78, surpassing the analysts' expectations of $1.71 per FactSet survey. Revenue saw an impressive growth of nearly 50%, reaching approximately $4.1 billion, slightly below the predicted $4.12 billion by analysts.
