Tags: western-digital | shares | surge | profit

Western Digital Shares Surge as Profit Tops Estimates

Thursday, 26 July 2012 04:51 PM

Western Digital Corp., a maker of disk drives and networking products, soared the most in 10 years after reporting fiscal fourth-quarter sales and profit that topped analysts’ estimates.

Shares of the Irvine, California-based company rose 21 percent to $39.27 at the close in New York, for the biggest increase since July 2002. The stock has climbed 27 percent this year.

Western Digital Wednesday reported fourth-quarter earnings excluding some items of $3.35 a share, beating the average $2.45 estimate, according to data compiled by Bloomberg. Sales were $4.75 billion, topping analysts’ projection of $4.25 billion.

Seagate Technology Plc, the world’s largest maker of computer disk drives, rose 14 percent to $30.06 Thursday after Western Digital’s report. The stock has gained 83 percent this year.

© Copyright 2021 Bloomberg News. All rights reserved.


123
2012-51-26
Thursday, 26 July 2012 04:51 PM
Newsmax Media, Inc.
 
Newsmax TV Live
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved