Western Digital Reports Better-than-expected Quarterly Earnings

Western Digital Corp. late Thursday reported its fiscal second-quarter earnings fell to $251 million, or $1.07 a share, from $438 million, or $1.84 a share, in the same period last year. On an adjusted basis, the maker of computer disk drives would have earned $1.60 a share. Revenue also shrank to $3.32 billion from $3.88 billion. Analysts surveyed by FactSet had forecast earnings of $1.54 a share on revenue of $3.35 billion. The company did not provide any additional details on its pending buyout of SanDisk Corp. but Chief Executive Steve Milligan cited the "challenging global economic environment" in his earnings statement. Western Digital shares were flat in after-hours trading after rallying 4.6% in the regular session.