LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Western Digital's strong forecast eases fears of fading chip boom

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jan 26, 2018
05:20 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Western Digital Corp gave strong profit forecasts for the current quarter and the full year on Thursday and said the flash memory market would grow faster this year, easing investor jitters that the surging demand for memory chips was fading.

After a blistering year-and-a-half long surge, a sudden drop in some memory prices and Samsung Electronics Co`s disappointing profit estimate earlier this month, had unnerved investors who had bet the boom would last at least another year.

Western Digital`s chief financial officer, Mark Long, said any easing in price would in fact help the industry.

"The normalization in flash market is about expected and beneficial for the industry, creating new opportunities for flash," Long said on a conference call with analysts. "We view this normalization as part of our business."

Western Digital forecast current-quarter adjusted earnings of $3.20 to $3.30 per share, beating analysts` estimate of $3.04, according to Thomson Reuters I/B/E/S. It`s full-year adjusted earnings forecast of $13.50 to $14.00 per share was also above market estimates of $13.42.

The forecast helped ease the data-storage device maker`s share drop to 1 percent in extended trading, from a decline of as much as 5.5 percent earlier despite Western Digital topping market estimates for second-quarter profit and revenue.

"People are concerned that this is a peaking quarter," Benchmark Co analyst Mark Miller said. He said fears over falling prices might have weighed on the stock, but the worries were overdone.

"NAND pricing will come down. We don`t think it will be as precipitous as people feel," Miller said.

CFO Long estimated the flash industry`s growth this year would be near the high end of the long-term range of 35 percent to 45 percent, due to better manufacturing yields and continued adoption of 3D flash, with Western Digital matching the growth.

He said the industry`s growth was at the low end of the long-term range in 2017, with the company`s growth somewhat higher.

That helped Western Digital`s revenue increase 9.2 percent to $5.34 billion in its second quarter ended Dec. 29. Analysts on average had expected revenue of $5.30 billion.

Western Digital posted a net loss of $823 million, compared with a profit of $235 million last year, due to a $1.6 billion charge related to new U.S. tax laws.

Excluding items, it earned $3.95 per share, above expectations of $3.79 per share.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

LPG cylinder price today: Cooking gas gets costlier by Rs 25, second hike in four days—check new prices

HDFC Securities highlights that the next lower support on Nifty to be watched is 14335

SBI Share price: Maintain Buy rating with target price of Rs 470, says Choice Broking

Successful! Indian rocket PSLV puts Brazil's Amazonia-1 satellite into orbit

7th Pay Commission: These central government jobs offering salary up to Rs 1,77,500 | Check details

Big insurance offers! 80-100 per cent discounts - All you need to know about renewal of health policies

IRCTC Share price: Dolat Capital initiates coverage on IRCTC share with target of Rs 2650

Covid 19 vaccination drive 2nd phase: PM Modi takes first dose of Covid 19 vaccine at Delhi AIIMS

REVEALED! This is the most preferred financial product to protect family post-COVID 19 pandemic

Yes Bank Share price today: Technical and Fundamental Analysis I Investec cuts target price to Rs 19

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved