Wednesday, April 20, 2011

Western Digital Corp. (NYSE: WDC): Q3 2011 Earnings Roundup

Western Digital Corp. (NYSE: WDC) said late Wednesday that its fiscal third quarter profit dropped to $146 million, or 62 cents a share, from $400 million, or $1.71 a share, in the prior-year quarter. On an adjusted basis, the company earned 66 cents a share in the latest quarter. Revenue decreased to $2.25 billion from $2.64 billion. Analysts, on average, expected the company to report earnings of 65 cents a share on revenue of $2.25 billion.

"The March quarter in the hard drive industry was impacted by two significant developments -- the delayed supply of industry CPUs to PC makers and the tragic events in Japan," said John Coyne, president and chief executive officer. "While demand for hard drives in the quarter got off to a slow start, it later picked up as availability of CPUs improved and as fears took hold of component shortages related to the events in Japan.

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