Western Digital Guides Q1 Well Below Estimates - Update

While reporting financial results for the fourth quarter on Friday, Western Digital Corp. (WDC) provided its adjusted earnings and revenue guidance for the first quarter of fiscal 2023.

For the first quarter, the company now projects adjusted earnings in the range of $0.35 to $0.65 per share on revenues between $3.60 billion and $3.80 billion.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.96 per share on revenues of $4.74 billion for the quarter. Analysts' estimates typically exclude special items.

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Stocks fluctuated in morning trading on Friday before once again coming under pressure over the course of the afternoon. The major averages extended the sharp pullback seen on Thursday, ending the session at their lowest closing levels since late 2020. Consumer sentiment in the U.S. improved by less than initially estimated in the month of September, according to revised data released by the University of Michigan on Friday. The University of Michigan said the consumer sentiment index for September was downwardly revised to 58.6 from the preliminary estimate of 59.5. Chicago-area business activity unexpectedly contracted in the month of September, according to a report released by MNI Indicators on Friday. MNI Indicators said its Chicago business barometer slumped to 45.7 in September from 52.2 in August, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 51.8.
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