Western Digital reported fiscal third-quarter revenue of $3.34 billion. This figure represents a 45% year-over-year increase and exceeded analyst estimates. Adjusted earnings per share reached $2.72, also surpassing market expectations.
Management attributed the performance to robust demand for data storage products. High-capacity hard drives used for artificial intelligence applications primarily drove the growth.
The company forecast fourth-quarter revenue with a midpoint of $3.65 billion. This outlook sits above current Wall Street estimates.
Shares fell approximately 5% to 6% in after-hours trading following the announcement. The decline likely reflects profit-taking after a significant stock rally leading up to the report. High investor expectations contributed to the downward movement despite the positive financial results.