Investing.com -- Western Digital Corporation beat revenue expectations and posted a narrower-than-expected loss for the fiscal third quarter.
Shares rose 1% in after-hours trading and are up 8.5% so far this year.
The company, which makes data storage devices, said third-quarter revenue was $2.8 billion, at the high end of its guidance range. The adjusted loss per share was $1.37, including $200 million of underutilization related charges in Flash and HDD, the company said.
Analysts expected the company to report a third-quarter adjusted loss per share of $1.57 on revenue of $2.7B. That was down from revenue of $4.38B in the same quarter last year.
Western Digital said to expect fiscal fourth quarter 2023 revenue to be in the range of $2.40B to $2.60B. That would be below expectations for $2.86B.
David Goeckeler, Western Digital CEO, said: “The groundwork we laid, combined with the actions we have taken since the beginning of this fiscal year to right-size and refocus our businesses, have enabled us to navigate a dynamic environment.”
