By Stephen Nakrosis
Shares of Western Digital Corp. are lower in Thursday’s late-trading session, after the company released second-quarter financial results and said supply chain disruptions were a headwind to near-term results.
At 6:18 p.m. ET, the company’s shares were trading 9.64% lower at $48.65 each.
The stock finished the day’s regular-trading session with a 1.36% loss, closing at $53.84. It had touched a 52-week low of $49.50 a share on Oct. 29 of last year.
After the bell, Western Digital’s chief executive, David Goeckeler, said the company delivered “another quarter of strong results that exceeded guidance, even in the midst of ongoing supply chain disruptions and Covid-related challenges.” He added, “while we continue to experience strong demand across our end markets, these challenges continue to present a headwind to near-term results.”
Mr. Goeckeler also said, “as these transitory headwinds subside, we expect to emerge in a stronger position to drive better through-cycle results, creating value for our shareholders, employees and customers.”
After the bell Thursday, Western Digital reported adjusted second-quarter earnings per share of $2.30 on revenue of $4.83 billion. Revenue was up 23% year-over-year, the company said.
It added that it expects third-quarter revenue in a range between $4.45 billion and $4.65 billion, and adjusted EPS of between $1.50 and $1.80.
Write to Stephen Nakrosis at [email protected]
