WDC stock down 8.7% since fiscal Q3 2018 results
Western Digital (WDC) announced its fiscal Q3 2018 results on April 26, 2018. The stock has fallen 8.5% since then to $80.27. It’s currently trading 5.7% above its 52-week low of $75.96 and 25% below its 52-week high of $106.96.
WDC reported revenue of $5 billion in fiscal Q3 2018
Western Digital reported revenue of $5 billion in fiscal Q3 2018 with a non-GAAP gross margin of 43%, EPS of $3.63, and operating cash flow of $1 billion.
WDC’s CEO Steve Milligan stated, “We reported strong financial performance in the March quarter with revenue of $5.0 billion, non-GAAP gross margin of 43% and non-GAAP earnings per share of $3.63. Our operating cash flow reflected solid execution supported by healthy demand for our products, particularly high capacity enterprise hard drives, which achieved record quarterly revenue.”
Analysts expected WDC to post revenue of $4.9 billion with EPS of $3.29 in fiscal Q3 2018. So why did the stock fall despite the company’s revenue and earnings beating the estimates? It could be because the company’s guidance for fiscal 2018 wasn’t in line with analysts’ and investors’ expectations.