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Poor revenue guidance affects Western Digital and Supermicro stock prices

By ET Bureau - February 01, 2023 1 Mins Read

Poor revenue guidance affects Western Digital and Supermicro stock prices

In extended trading, shares of Western Digital Corp. and Super Micro Computer Inc. were trending lower after both companies provided revenue guidance that fell short of market expectations.

Western Digital, a company that sells hard drives and flash storage for computers, smartphones, and other devices, reported third-quarter sales of between USD 2.6 billion and USD 2.8 billion, which was much less than anticipated. Wall Street had previously predicted USD 4.76 billion in revenue. The forecast followed Western Digital’s disappointing second-quarter results, which included a USD 446 million net loss for the quarter.

The company came in well below the consensus estimate of an eight-cent loss, delivering a loss before certain costs like stock compensation of 42 cents per share. Although sales decreased 17% to USD 3.11 billion, they still exceeded Wall Street’s forecast of USD 3.01 billion.

Read More: Poor revenue guidance hits shares of Western Digital and Supermicro 

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ET Bureau

The Enterprise talk Bureau has five well-trained writers and journalists, well versed in B2B enterprise technology industry, and constantly in touch with industry leaders for the latest trends, opinions, and other inputs- to bring you the best and latest in the domain.

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