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Western Digital Corp (NASDAQ:WDC) stock is soaring after-hours following the company’s fiscal first-quarter results. Here’s what you need to know from the report.
WDC is testing upper boundaries. View the charts here.
Total revenue was up 27% on a year-over-year basis. Cash flow from operations totaled $672 million in the quarter, and free cash flow came in at $599 million.
“Western Digital continues to execute well in a strong demand environment driven by growth of data storage in the cloud,” said Irving Tan, CEO of Western Digital.
“As AI accelerates data creation, Western Digital’s continued innovation and operational discipline position us well to capture new opportunities and drive sustained shareholder value.”
Western Digital ended the quarter with approximately $2.05 billion in cash and cash equivalents. The company’s board declared a cash dividend of $0.125 per share, payable on Dec. 18 to shareholders of record as of Dec. 4.
Outlook: Western Digital expects fiscal second-quarter revenue to be in the range of $2.8 billion to $3 billion versus Benzinga Pro estimates of $2.82 billion. The company expects adjusted earnings to be between $1.73 and $2.03 per share in the second quarter versus estimates of $1.71 per share.
WDC Price Action: Western Digital shares were up 9.68% in after-hours, trading at $151.50 at the time of publication on Thursday, according to Benzinga Pro.
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