Stock Alert: Western Digital Shares Up 11%

(RTTNews) - Shares of Western Digital Corp. (WDC) are rising over 11% Friday morning, after the company reported a turnaround to profit for the second quarter. The stock has been trading in the range of $27.40 - $71.30 for the past one year, and is currently trading at $58.96, up $6.31 or 11.98%, with trading volume of over 3.58 million versus an average volume of 4.65 million shares.

The company's Q2 GAAP net income was $62 million or $0.20 per share compared to a loss of $139 million or $0.47 per share last year.

On a non-GAAP basis, net income rose to $212 million or $0.69 per share from $187 million or $0.62 per share in the prior year period.

Revenue for the quarter declined 7% to $3.94 billion from the previous year's revenue of $4.23 billion, reflecting a decline in the company's Data Center Devices & Solutions end market, more than offsetting growth in Client Devices and Client Solutions.

Looking ahead, the company expects third-quarter non-GAAP earnings in the range of $0.55 - $0.75 per share on revenue of $3.85 billion - $4.05 billion. Twenty-six Wall Street analysts have a consensus earnings estimate of $0.63 per share on revenue of $3.87 billion for the quarter.