Western Digital Hikes Fourth-quarter Earnings Outlook

Shares of Western Digital Corp. fell in Monday's extended session even after the company raised its fourth-quarter earnings outlook. The disk-drive maker now expects fourth-quarter adjusted earnings per share of $2.85 compared with $2.55 to $2.65 previously. It also projected quarterly gross margin at 41% versus 40% in its April announcement. However, the company kept its revenue forecast unchanged at $4.8 billion and reaffirmed its 2017 adjusted EPS target at $12. Shares fell 3.5% after hours.