Western Digital posts 26% fall in revenue to $3.7B in Q3

Monday, 29. April 2019 22:10

Western Digital Corporation reported its revenue for the third fiscal quarter fell 26% to $3.7 billion compared to the same period a year earlier. In the update released on Monday, the American company said its operating loss was $394 million with a net loss of $581 million or $1.99 per share. In the year-ago quarter, Western Digital recorded net income of $61 million or $0.20 per share.

"Market conditions have generally been consistent with our expectations, and while the business environment remains soft, there are initial indications of improving trends," Chief Executive Officer Steve Milligan said. "Our expectation for the demand environment to further improve for both flash and hard drive products for the balance of calendar 2019 is largely unchanged," he added.

Shares of Western Digital dropped 3.80% at 4:15 pm ET during extended-hours trading.

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Author:
Breaking the News / JC