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Why Western Digital Stock Tumbled Today

TheMotleyFool

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Shares of Western Digital (NASDAQ: WDC) slumped on Friday after the hard drive and flash memory manufacturer reported its fiscal third-quarter results. The numbers were mixed relative to analyst expectations, and guidance was in line with estimates. However, a surprise dividend suspension may be weighing on investors' minds. Western Digital stock was down about 12.3% at 1:25 p.m. EDT.

Western Digital reported third-quarter revenue of $4.18 billion, up 14% year over year and $20 million higher than the average analyst estimate. Non-GAAP (adjusted) earnings per share came in at $0.85, short of expectations by $0.07.

Image source: Western Digital.

Source Fool.com

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