By Western Digital, a leading data-storage company, announced a narrower loss in its fiscal second quarter despite a slight decline in revenue. The company reported a loss of $268 million, or 87 cents a share, for the period ending December 29, compared to a loss of $446 million, or $1.40 a share, in the same quarter last year.
After excluding one-time items, the adjusted loss for the quarter was 69 cents a share. This figure surpassed analysts’ expectations of an adjusted loss of $1.12 a share, according to FactSet.
Although revenue dipped by 2% to $3.03 billion, it still exceeded analyst forecasts of $3 billion. Cloud revenue saw a decline of 13%, while client revenue increased by 3% and consumer revenue jumped 6%.
For the fiscal third quarter, Western Digital is projecting revenue between $3.2 billion and $3.4 billion. This guidance surpasses current analyst projections of $3.15 billion, according to FactSet.
The company anticipates posting an adjusted loss of up to 10 cents a share or adjusted earnings as high as 20 cents a share for the upcoming quarter. Analysts surveyed by FactSet currently estimate an adjusted loss of 31 cents a share.
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