At last check in the premarket trading session, WDC stock had surged by 5.44% to $75.0. WDC stock previously closed the session at $71.13 gaining 0.75%. The WDC stock volume traded today for 5.77 million shares. In the past year, WDC stock had jumped up by 49.03%. In the past week, the shares climbed up by 7.35%.
Recent activity in April regarding Western Digital Corporation
In the start of the month of April, there was hype that two hardware and computer memory manufacturing companies namely Western Digital Corporation and Micron Technology may enter into a bidding war for Kioxia Holdings Corp. The main reasoning both companies possibly had for the eying Kioxia is to expand memory chips manufacturing accessibility. This was covered in depth in our previous article.
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However afterwards, Japan’s Kioxia itself has dispelled this bidding war by stating that it intends prioritize the pursuance of an Initial Public Offering possibly in this summer rather than engaging with potential foreign acquirers.
WDC stock releases fiscal 3rd Quarter 2021 financial report
On 30th April 2021, Western Digital Corporation announced that it has released its report of fiscal 3rd quarter 2021 financial results.
The report highlights that;
- The revenue for the fiscal 3rd quarter 2021 was $4.1 billion which is 1% down compared to prior year- same period.
- Client solution and Client Devices revenue increased by 8% and 10% respectively.
- The GAAP earnings per share for the fiscal 3rd quarter 2021 was $0.63
- Non-GAAP earnings per share for the fiscal 3rd quarter 2021 was $1.02
- Operating cash flow for the fiscal 3rd quarter 2021 was $116 million while free cash flow was -$11 million (negative).
Outlook for Fiscal Fourth Quarter 2021
The company has given the outlook for the fiscal fourth quarter 2021 in which it states its revenue to being expected at $4.40-$4.60 billion. While the non-GAAP EPS is expected to be in range of $1.30-1.60.
Background of Western Digital Corporation (WDC)
Western Digital (WDC) is a hardware manufacturer specifically focuses on computer hard disk drive as well as data storage. WDC has an expansive portfolio of systems and solutions for businesses as well as individuals. They design and manufacture data storage-based technology products, data center systems and online cloud storage systems.
Western Digital operates domestically in United States as well as international countries and regions of Europe, Asia, Africa, Australia, China, Middle East, Hong Kong, and other regions. It is headquartered in California and was founded in 1970.
It has three brands under which it sells its diverse portfolio and Western Digital Capital is the investment subsidiary of WD that provides funding for data technology companies like Elastifile.
The first is Western Digital (WD brand) under which it sells external hard drives and includes SSD-based HD. SSD ranged products include My Passport, My Book and WD Elements.
SanDisk brand focuses on offering mobile-based storage products. These mobile storage products consist of USB flash drives, cards and readers, SSD, and MP3 players. The microSD card storage would work with android phones that had a memory slot.
G-Technology is last but not the least brand under WDC stock is the company that outsources the data storage and system designs for professionals and institutions. The partnerships in the past include Apple, Intel and Atomos.