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Western Digital forecasts upbeat revenue but shares fall on lofty expectations
['Wed', 'August', 'At Pm Gmt', 'Min Read']
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Aug 5 (Reuters) - Western Digital forecast quarterly revenue slightly above Wall Street estimates on Wednesday, betting on strong AI-driven demand for its hard disk drives.
Here are some more details:• Western Digital expects first-quarter revenue of $4.1 billion, plus or minus $100 million, with the midpoint a touch above analysts' average estimate of $4.04 billion, according to data compiled by LSEG.
• It expects adjusted profit of $4 per share, plus or minus 15 cents, also above the estimate of $3.81.
• Weakness in these smaller segments for Western Digital could offset some of the momentum from its core data center business.
• It reported a 44% rise in fourth-quarter revenue to $3.75 billion, beating the estimate of $3.69 billion.