Western Digital Corporation (WDC) saw its stock price soar 8.15% in pre-market trading on Thursday, following the release of its fiscal fourth-quarter earnings report that significantly surpassed analyst expectations. The data storage giant's impressive performance was driven by robust demand for its products, particularly in the growing artificial intelligence (AI) and cloud computing sectors.

The company reported adjusted earnings per share of $1.66 for the quarter ended June 30, beating the analyst consensus estimate of $1.48. Revenue came in at $2.61 billion, exceeding 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 pre-market rally.