:max_bytes(150000):strip_icc()/GettyImages-1689227301-6016a5ec08d54022b4c2ce94b8dc085f.jpg "Western Digital Stock Down Despite Earnings Beat—Key Price Levels to Monitor")
Key Takeaways
- Western Digital posted a fiscal second quarter loss that came in considerably narrower than analysts had expected.
- The hardware maker said it expects to report fiscal third-quarter revenue of between $3.2 billion and $3.4 billion, topping analysts’ expectations.
- The WDC share price had risen sharply ahead of the company’s earnings, with key support and resistance areas at $50 and $63, respectively.
Western Digital Corporation
Source: TradingView.com.
Shares in disk drive and data storage manufacturer Western Digital (WDC) were down about 3% in pre-market trading Friday, even as the company posted results late Thursday that beat forecasts.
The company disclosed revenue for its fiscal 2024 second quarter of $3.03 billion, ahead of the consensus forecasts of $3 billion, but down 2% year-over-year. Net loss was 69 cents a share, considerably narrower than the $1.12 per share figure analysts had expected.
Since bottoming out around $32 a share in May, WDC shares have remained in a consistent uptrend, with gains accelerating on increasing volume in the weeks up to the latest earnings report. Key areas on the chart to monitor include a horizontal line near $50 that also finds support from the 50-day moving average, and the $63 region, which aligns with a prominent May/June 2022 swing high.
Looking ahead, the hardware maker said it expects to report fiscal third-quarter revenue of between $3.2 billion and $3.4 billion, topping FactSet analysts’ forecast of $3.15 billion.
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