Western Digital (NASDAQ:WDC) earnings were released late in the day on Thursday and the company’s results were below what analysts were calling for, sending WDC stock down close to 2% late in the day.
The hard disk drive manufacturer said that for its second quarter of its fiscal 2019, it brought in net losses of $487 million, or $1.68 per share. In its year-ago second quarter of its fiscal 2018, its losses tallied up to $823 million, which was roughly $2.78 per share.
When adjusting for factors such as income tax and amortization of acquired intangible assets, Western Digital said its earnings tallied up to $1.45 per share. This figure was considerably better in its year-ago quarter when it earned $3.95 per share on an adjusted basis.
Analysts were calling for the company to bring in adjusted earnings of $1.49 per share, according to data compiled by FactSet. On the revenue front, Western Digital said that its sales came in at $4.23 billion, which also missed the $5.34 billion from its year-ago quarter.
The Wall Street guidance was forecasting revenue of $4.25 billion for the period, according to data compiled by FactSet. For its fiscal third quarter, analysts see the company’s adjusted earnings as being 98 cents per share, while sales are slated to be $3.88 billion.
WDC stock is sliding more than 1.8% after the bell as the company reported its latest quarterly earnings results late Thursday, with its profit and revenue missing the Wall Street guidance. Shares had been rising 6.7% during regular trading hours as Western Digital geared up to report for its second quarter.