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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.

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Oct 28 9:30 AM EDT

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From: franklin1	10/24/2024 6:14:18 PM
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Western Digital surges as Q1 results feature 17% Cloud growth Oct. 24, 2024 4:33 PM ET Western Digital Corporation (WDC) Stock, MU Stock, STX StockBy: Brandon Evans, SA News Editor JHVEPhoto Western Digital (NASDAQ: WDC) surged as much as 8% during early post-market trading Thursday following first quarter fiscal 2025 results that featured a revenue gain of 9% due to its growing Cloud segment. For the quarter ended September 27, Western Digital reported adjusted earnings per share of $1.78, which was more than the consensus estimate of $1.71. Revenue for the quarter totaled $4.1B, versus the consensus of $4.12B. Gross margins of 38.5% were more than the estimate of 37.9%. For the quarter in progress, Western Digital projects earnings per share ranging from $1.75 to $2.05. With a mid-point of $1.90, it is just below the consensus of $1.93. Revenue is expected to range from $4.2B to $4.4B, with a mid-point again just below the consensus of $4.33B. Gross margins for the quarter are expected to range from 37% to 39%. Total revenue for the first quarter represented an increase of 9% quarter over quarter. This was led by a 17% gain from its Cloud segment. Client and Consumer segments were static. "With the continued proliferation of the AI Data Cycle, our Flash and HDD product portfolios are well-positioned to capitalize on significant opportunities as adoption continues to grow," said Western Digital CEO David Goeckeler. Competitors Seagate Technology (NASDAQ: STX) and Micron Technology (NASDAQ: MU) both inched up less than 1% during post-market trading.

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