Western Digital rises after beating profit expectations
Corrects to "rises" from "raises" in headline
** Shares of memory chip maker Western Digital WDC.O up 1.3% at $70.30 premarket after beating Q3 profit estimates
** WDC's Q3 revenue rose 23% from a year earlier to $3.46 bln, topping estimates of $3.36 bln, per LSEG data
** Co also reported adj. EPS of 63 cents/shr, beating estimates of 21 cents, per LSEG data
** WDC rides on a surge in demand for its data storage products from cloud service providers
** Co's upbeat results are a latest sign that demand for memory chips is improving
** WDC forecast Q4 revenue between $3.60 bln-$3.80 bln, in line with analysts' estimate of $3.69 bln - LSEG
** Morningstar increased their fair value estimate to $51 from $42 and notes WDC's profitability was "nothing short of impressive in the quarter"
**Brokerage Morningstar also expects "higher profitability in the coming quarters along with strong revenue growth as the firm recovers from the steep market downturn in 2023"
** WDC's stock was up 32.5% YTD as of last close
Reporting by Pranav Kashyap in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
