Western Digital reported fiscal first-quarter revenue of $4.381 billion, up 55% year over year, and non-GAAP earnings of $4.64 per share, beating FactSet estimates, BlockBeats reported. The company also raised its quarterly dividend.
Second-quarter guidance tops analyst estimates
For its fiscal second quarter, Western Digital guided to adjusted earnings of $5.60 to $6.00 per share and revenue of $5.0 billion to $5.2 billion. Analysts had expected $4.84 per share and $4.57 billion in revenue, respectively.
Shares briefly rose after the release before turning lower, falling 6.3% in after-hours trading at the time of the flash. BlockBeats linked the decline to broader concerns about whether large storage and AI capital spending will produce returns quickly.