Stock Track | Western Digital Plunges 5.36% After Hours Despite Q3 Earnings Beat and AI Demand

Stock Track04:42

Western Digital's stock experienced a sharp decline of 5.36% in after-hours trading on Thursday, following the release of the company's fiscal third-quarter financial results.

The data storage maker reported quarterly earnings of $2.72 per share, beating the analyst consensus estimate of $2.39. Revenue for the quarter was $3.34 billion, also surpassing expectations of $3.25 billion and representing a 45% increase from the same period last year. The company attributed its strong performance to innovation, execution, and AI-driven demand for storage solutions.

Despite the earnings beat, the stock moved lower in extended trade. Market participants may be engaging in profit-taking following significant intraday gains, or evaluating the company's forward guidance against high expectations set by the AI-driven growth narrative.

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