Western Digital gains after topping Q1 profit estimates

Western Digital

25/10/2024 16:58

(Updates)
    ** Shares of memory chip maker Western Digital  WDC.O  rise
7.8% to $71.45; hit three-month high
        ** Company topped Wall Street ests. for quarterly profit
on demand for its data storage products
    ** Western Digital reported FY25 Q1 adj EPS of $1.78,
beating analysts' expectation of $1.72, according to data
compiled by LSEG
    ** Company posted Q1 rev of $4.10 bln versus est. of $4.12
bln
    ** Rev from cloud market climbed 17% to $2.21 bln,
sequentially
    ** Expects Q2 rev of $4.20 bln to $4.40 bln, whose mid-
point is below est. of $4.34 bln - LSEG
    ** Expects adj. EPS of $1.75 to $2.05, compared with est. of
$1.93
    ** At least four brokerages raise PT on stock
        ** Morgan Stanley raises PT to $100 from $94
  
        ** Separation of hard disk drive and NAND memory
businesses will be key to unlocking value and seems on schedule
for early 2025 - Morgan Stanley 
  
    ** Including session's move, stock up 36.4% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((mailto:Sukriti.Gupta@thomsonreuters.com;))