Western Digital’s stock dips nearly 4% on revenue decline

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Western Digital Corp.’s
WDC,
+3.96%

stock declined nearly 4% in after-hours trading Thursday after the company posted quarterly results. Western Digital reported a fiscal second-quarter net loss of $268 million, or 87 cents a share, compared with a net loss of $446 million, or $1.40 a share, in the same quarter a year ago. Adjusted earnings were a loss of 69 cents a share. Revenue dipped 2% to $3.03 billion from $3.11 billion in the year-ago quarter. Analysts surveyed by FactSet had expected on average a net loss of $1.12 a share on revenue of $3 billion. Western Digital provided third-quarter sales guidance of $3.2 billion to $3.4 billion, while FactSet analysts are forecasting $3.15 billion. Shares of Western Digital have soared 38% over the last year, while the broader S&P 500 index
SPX,
+0.53%

has increased 20.5%.

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