Western Digital reported a more than elevenfold increase in its fourth-quarter profit, driven by continued strong demand for its memory technology.

"As global data creation continues to accelerate, we enter fiscal year 2027 with continued confidence in the durability of demand and with increasing visibility into our business," Chief Executive Officer Irving Tan said.

The company reported a profit of $3.2 billion, compared with $282 million a year earlier. Earnings from continuing operations were $8.21 a share, up from 67 cents a share.

Stripping out certain one-time items, adjusted earnings from continuing operations were $3.56 a share. Analysts polled by FactSet were expecting $3.31 a share.

Revenue rose 44% to $3.75 billion, beating analyst expectations for $3.7 billion in revenue.

For the current first quarter, the company is projecting adjusted earnings of between $3.85 and $4.15 a share on revenue between $4 billion and $4.2 billion.

Analysts are expecting adjusted earnings of $3.84 a share on $4.06 billion in revenue.

Shares in Western Digital fell 10% to $465.96 in after-hours trading on Wednesday. The stock closed down 5.4% at $519.17, having tripled in value this year.