Western Digital (WDC) stock surged 9.91% on Wednesday, following the release of its impressive fourth-quarter earnings report. The data storage giant exceeded analyst expectations, showcasing the growing demand for its products in the artificial intelligence (AI) and cloud computing sectors.
The company reported adjusted earnings per share of $1.66 for the quarter ended June 30, significantly beating the analyst consensus estimate of $1.48. Revenue came in at $2.61 billion, surpassing the expected $2.47 billion. Western Digital's CEO, Irving Tan, expressed confidence in the company's future, stating, "We are confident that HDDs will continue to remain the foundation of the world's data infrastructure, delivering unmatched value for mass storage in an AI-driven future."
Adding to the positive sentiment, Western Digital provided an optimistic outlook for the first quarter of the new fiscal year. The company expects adjusted earnings per share between $1.54 and $1.69 on revenue ranging from $2.6 billion to $2.8 billion, both exceeding analyst projections. This strong guidance, coupled with the growing demand for data storage solutions in AI and cloud computing applications, has bolstered investor confidence in Western Digital's future prospects, contributing to the stock's significant rally.
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