Western Digital Revenues Decline, But Beats Earnings Expectations

Western Digital Corp WDC reported second-quarter results Thursday, just missing revenue targets but beating the Street on earnings.

Western Digital posted $3.3 billion in revenue, short of the $3.35 billion analysts sought. The company saw EPS rise to $1.60, up from $1.56 in the first quarter. Analysts expected a decline to $1.46.

A year ago, Western Digital's EPS sat at $1.84.

The company paid a cash dividend of $0.50 a share on January 15.

"Despite a lower-than-expected hard drive total available market, we reported revenue and EPS within our guidance range," said CEO Steve Milligan. "We continue to execute well as we manage our business within an increasingly challenging global economic environment."

Shares of Western Digital were up about 1.1 percent in pre-market action Friday.