Western Digital Shares Up Nearly 5% As Company Raises Quarterly Estimates

Shares of Western Digital Corp. rose nearly 5% late Tuesday after the Irvine, Calif., hardware maker tweaked upward its revenue and adjusted per-share earnings estimates for fiscal second quarter. Western Digital said it expects sales to reach about $4.75 billion, compared with its earlier forecast of approximately $4.7 billion. Per-share earnings are seen in a range between $2.10 to $2.15, from a previous expectation of $1.85 to $1.95. The company said it will report quarterly earnings in late January. In a separate statement, Western Digital said it renewed its agreement with Samsung Electronics Co. Ltd. relating to semiconductor patents. The renewed agreement runs through December 2024. Shares of Western Digital had ended the regular trading session up 2.8%.