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SAN JOSE, California (AP) _ Western Digital Corp. (WDC) announced Monday a loss of $ 581 million in the third quarter, after posting a profit in the same period of the previous year.
The company based in San Jose, California, reported a loss of $ 1.99 per share. Adjusted net income from amortization and non-recurring costs amounted to 17 cents per share.
The results did not meet Wall Street's expectations. The average estimate of eight analysts surveyed by Zacks Investment Research indicated a profit of 49 cents per share.
The hard drive manufacturer for businesses and personal computers had sales of $ 3.67 billion during the period, which is also lower than Street's forecast. Six analysts surveyed by Zacks were counting on $ 3.7 billion.
Western Digital shares have risen 36% since the beginning of the year, while the Standard & Poor's 500 index has increased 17%. In the last trading minutes on Monday, stocks reached $ 50.43, a 38% decrease over the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a report on Zacks' actions on WDC at https://www.zacks.com/ap/WDC.
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