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Western Digital Earnings: WDC Stock Plummets 13% on Q4 Revenue Miss

Western Digital (NASDAQ:WDC) earnings for the computer storage company’s fiscal fourth quarter of 2020 have WDC stock falling hard after-hours Wednesday. That comes after reporting adjusted earnings per share of $1.23 on revenue of $4.29 billion. For comparison, Wall Street was expecting adjusted EPS of $1.21 on revenue of $4.34 billion.

Western Digital (WDC) glass building on a sunny day

Source: Valeriya Zankovych / Shutterstock.com

Let’s take a closer look at the most recent Western Digital earnings report below.

  • Adjusted per-share earnings are up 624% from 17 cents in the fiscal fourth quarter of 2019.
  • Revenue for the quarter comes in 18% higher than the $3.63 billion reported during the same time last year.
  • Operating income of $261 million is a positive change year-over-year from an operating loss of $381 million.
  • The Western Digital earnings report also has net income coming in at $148 million.
  • That is a major improvement over a net loss of $197 million in the same period of the year prior.

David Goeckeler, CEO of Western Digital, said this in the current earnings report.

“I am extremely proud of the way our team has navigated the complexities and uncertainties inherent in this unprecedented environment, as we continue to adapt to provide supply continuity and high-quality products to our customers and drive value for our shareholders.”

Western Digital also offers its outlook for the fiscal first quarter of 2021 in its earnings report. It expects adjusted EPS of 45 cents to 65 cents on revenue of $3.7 billion to $3.9 billion. That doesn’t stack up well next to Wall Street’s estimates of $1.33 per share and revenue of $4.35 billion.

WDC stock was down 13.1% after markets closed on Wednesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/western-digital-earnings-hammer-wdc-stock/.

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