Western Digital revenue slumps 20.7 percent

Data storage device maker Western Digital Corp reported a bigger-than-expected 20.7 percent fall in quarterly revenue on Thursday, adding to concerns over a China-led slowdown in smartphone demand.

The company`s loss narrowed to $487 million, or $1.68 per share, in the second quarter ended Dec. 28, from $823 million, or $2.78 per share, a year earlier. Revenue fell to $4.23 billion from $5.34 billion.

Analysts on average had expected revenue of $4.26 billion, according to IBES data from Refinitiv.

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