Western Digital shares rise 6% on narrowing losses
Western Digital Corp. shares rose 6% in after-hours trading Thursday after the data-storage provider reported second-quarter earnings largely in line with Wall Street expectations. Western Digital said it lost $139 million, or 47 cents a share, in the quarter, compared with a loss of $487 million, or $1.68 a share, in the year-ago second quarter. Revenue was flat at $4.2 billion year-over-year. Analysts surveyed by FactSet had expected a loss of 25 cents a share on sales of $4.2 billion. Western Digital shares are up 48.8% over the last 12 months. The S&P 500 index has gained 21.4% the last year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.