Western Digital reported fiscal third quarter earnings and sales that exceeded expectations, boosting the company’s stock price. The data storage company reported an adjusted earnings of 63 cents per share on sales of $3.46 billion for the March-ending quarter, beating analyst predictions of 22 cents per share on sales of $3.37 billion.
Despite recent earnings struggles, Western Digital has a strong Relative Strength rating of 96 out of 99 and has shown positive growth potential in the past year. Investors are looking for signs of a turnaround, given Western Digital’s EPS Rating of 5 out of 99 and IBD Composite Rating of 66.
Before the earnings report, Western Digital stock closed flat at $69.44 on Thursday. However, the stock has seen gains of 32% this year and 111% in the past 12 months, indicating its strong performance in the market.
Western Digital is one of the largest manufacturers of hard disk drives and flash data storage products on a global scale. Despite recent changes in the market, such as increased competition from cloud-based storage solutions, Western Digital remains a significant player in the data storage sector with a focus on innovation and technology. For the current quarter, Western Digital is expecting sales of $3.7 billion at the midpoint of its range, slightly below analyst projections for the June-ending quarter.
