(Reuters) -Western Digital beat expectations for fourth-quarter revenue on Wednesday, benefiting from strong orders for its data storage products as enterprises adopt cloud computing, sending its shares up more than 4% in extended trading. Demand for Western Digital’s storage devices has surged due to the widespread adoption of artificial intelligence, which makes use of data […]
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Western Digital beats quarterly revenue estimates on strong data storage demand
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(Reuters) -Western Digital beat expectations for fourth-quarter revenue on Wednesday, benefiting from strong orders for its data storage products as enterprises adopt cloud computing, sending its shares up more than 4% in extended trading.
Demand for Western Digital’s storage devices has surged due to the widespread adoption of artificial intelligence, which makes use of data centers requiring infrastructure to hold large amounts of data for training.
For the quarter ended June 27, the company reported revenue of $2.61 billion, beating estimates of $2.47 billion, according to data compiled by LSEG.
Western Digital forecast first-quarter revenue of $2.70 billion on an adjusted basis, plus or minus $100 million. Analysts expect $2.54 billion.
It forecast adjusted earnings per share of $1.54, plus or minus 15 cents, while analysts expect $1.38 per share.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Anil D’Silva)