(Reuters) – Knowledge storage merchandise maker Western Digital Corp posted a wider-than-expected quarterly adjusted loss on Thursday, as a result of affect of structural modifications the corporate applied in its flash and HDD companies.
Shares of the corporate had been down about 4% in after-market buying and selling.
Final quarter, the corporate mentioned it might spin off its flash reminiscence enterprise, which has been grappling with a provide glut after talks of merging the unit with Japan’s Kioxia stalled, by the second half of 2024.
The corporate mentioned its second-quarter loss included $156 million of underutilization-related expenses in Flash and HDD.
On an adjusted foundation, the corporate reported a lack of 69 cents per share, lacking analysts’ common estimate of a lack of $1.31 per share, in keeping with LSEG information.
Western Digital expects current-quarter adjusted revenue starting from a lack of $0.10 to a revenue of $0.20 per share.
The corporate reported income of $3.03 billion for the quarter ended Dec. 29. Analysts had anticipated income of $3.39 billion.
(Reporting by Tanya Jain in Bengaluru; Enhancing by Krishna Chandra Eluri)
