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Why Western Digital Stock Plunged Today

TheMotleyFool

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Shares of Western Digital (NASDAQ: WDC) have plunged today, down by 15% as of 12:30 p.m. EDT, after the company reported fiscal first-quarter earnings. The results beat expectations, but the data storage technology specialist said its CEO would be stepping down and issued a soft outlook for the next quarter.

Revenue in the fiscal first quarter came in at $4 billion, topping the consensus estimate of $3.93 billion in sales. That translated into adjusted net income of $101 million, or $0.34 per share, while analysts were modeling for $0.30 per share in adjusted profits.

Image source: Western Digital.

Source Fool.com

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