STOCKS | Western Digital Forecasts Higher Quarterly Revenue Amid AI Demand

Western Digital (WDC.O) has projected that its quarterly revenue will surpass Wall Street expectations, driven by strong demand for data storage from artificial intelligence companies. According to Jin10, the company's stock fell nearly 5% in after-hours trading on Thursday. As of Thursday's close, Western Digital's stock price has more than doubled this year, fueled by significant investments from tech giants in AI infrastructure, which has created substantial demand for its high-capacity hard drives. The company anticipates fourth-quarter revenue to be $3.65 billion, with a variance of $100 million, compared to analysts' average forecast of $3.46 billion. In the third quarter, Western Digital's revenue increased by 45% to $3.34 billion, exceeding the expected $3.25 billion. Adjusted earnings per share were $2.72, surpassing the market expectation of $2.39.