Western Digital (NASDAQ:WDC) reported its quarterly earnings figures as the company is in the midst of the second half of its fiscal 2019, bringing in a profit that failed to meet Wall Street expectations, while revenue declined when compared to the year-ago quarter, playing a role in WDC stock falling late in the day.
The San Jose, Calif.-based hard disk drive manufacturer said that for its third quarter of the current fiscal year, it posted a loss of roughly $581 million, which tallied up to $1.99 per share. This was multiple times wider than the company’s loss from the same period in its fiscal 2018, when it posted a loss of $61 million, or 20 cents per share.
On an adjusted basis, Western Digital brought in earnings of 17 cents per share, with the business noting that its results were partially affected by “lower of cost or market inventory charges of approximately $110 million in cost of revenue, primarily related to certain flash memory products that contain DRAM components.”
Analysts were calling for the business to bring in adjusted earnings of 46 cents per share, according to a survey conducted by FactSet. Western Digital’s revenue declined 26.7% year-over-year from $5.01 billion to $3.67 billion, below Wall Street’s consensus estimate of $3.68 billion, per FactSet.
WDC stock is sliding roughly 3.3% after the bell due in part to the company’s profit failing to reach Wall Street’s consensus estimate. Shares had been down 0.9% during regular trading hours as Western Digital got ready to report its latest quarterly earnings results.