Western Digital 1Q profit grows on data storage demand
Western Digital reported a fiscal first-quarter profit of $1.78 billion, or $4.63 a share, up from $1.15 billion, or $3.07 a share, a year earlier, with adjusted earnings of $4.64 a share against $4.11 expected. Revenue grew to $4.38 billion from $2.82 billion, above the $4.14 billion expected, and the company guided fiscal second-quarter adjusted earnings of $5.60 to $6.00 a share on revenue of $5 billion to $5.2 billion, while lifting its quarterly dividend 17% to 17.5 cents a share.