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Why Western Digital Corp (WDC) Stock Is Soaring Today

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Western Digital Corp (NASDAQ: WDC ) stock was up on Thursday following the release of its earnings report for its fiscal first quarter of 2017.

Western Digital Corp reported revenue of $4.7 billion for its first fiscal quarter of 2017. This is better than its revenue of $3.4 billion that it reported during the same time last year. It also came in above the $4.5 billion in revenue that Wall Street was looking for.

Earnings per share reported by Western Digital Corp for its fiscal first quarter of 2017 was $1.18. Earnings per share from its fiscal first quarter of 2016 was $1.56. Analysts were estimating that WDC would report earnings per share of $1.04 for the quarter.

Western Digital Corp also reported net income of $341 million during its fiscal first quarter of 2017. This is down slightly from the $366 million that the data storage company reported during the same time the year prior.

Operating income reported by Western Digital Corp for its first fiscal quarter of 2017 was $632 million. The company's operating income from its fiscal first quarter of 2016 was $405 million.

WDC reported that it generated $440 million in cash from operations in its first fiscal quarter of 2017. This gave it $4.1 billion in total cash and cash equivalents at the end of the quarter.

"We are pleased with our performance in the September quarter, the first full quarter as an integrated company following the SanDisk acquisition in May," Steve Milligan, CEO of WDC, said in a statement . "Demand for both hard drive and flash-based products was strong across all customer categories, driven by cloud and mobile applications, as well as better-than-expected PC market trends."

WDC stock was up 7% as of Noon Thursday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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