Western Digital Shares Rally On Improved Earnings Outlook

Shares of Western Digital Corp. rallied in Wednesday's extended session after the maker of computer disk drives raised its quarterly earnings outlook. The company raised its fourth-quarter adjusted earnings per share estimate to about 72 cents versus 65 cents to 70 cents previously and boosted its revenue outlook to $3.46 billion from a range of $3.35 billion to $3.45 billion. Analysts surveyed by FactSet are projecting earnings of 68 cents a share on revenue of $3.41 billion. Western Digital also said it has named Mark Long as new chief financial officer, effective Sept. 1, to succeed Olivier Leonetti, who is leaving the company. Western Digital shares climbed 4% after hours.