On August 6, Western Digital fell 11.48% in pre-market trading, trading at $452.6/share, with turnover of $8.51 million. The decline followed the company's fiscal Q4 earnings release after the prior session's close.

Western Digital reported fiscal Q4 revenue of $3.75 billion, up 44% year-over-year and above the $3.69 billion consensus estimate. Adjusted EPS came in at $3.56, beating the $3.31 analyst expectation by 7.88%, with net income surging over 12x year-over-year. The company guided fiscal Q1 revenue of $4.0-4.2 billion versus the $4.02 billion consensus, and adjusted EPS of $3.85-$4.15 versus the $3.83 expectation. The CEO noted customer long-term agreement visibility extending to 2031.

Despite the across-the-board beat, the stock had already risen approximately 2x year-to-date, with investors demanding stronger AI storage demand surprises to justify elevated valuations. Analysts noted that the storage sector's pricing momentum is decelerating, and the guidance, while above consensus, was interpreted as insufficiently compelling given extreme market expectations, triggering concentrated profit-taking. Peer SanDisk fell 9.04% in sympathy.

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