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Thursday, September 23, 2021

What’s happening with the Western Digital Corporation (WDC) share price & Why it is fluctuating?

The share price of Western Digital Corporation (WDC) is fluctuating. On March 4 in the normal trading session, the share price of WDC went down 8.87% and closed at $63.49 per share but in the extended trading session, the share price increased by 2.38%. still, we are unsure why the price is fluctuating.

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About the company

WDC is one of the few companies in the world that make data storage products and also provide cloud services for data storage. The company design different data storage product and solutions. The company has a huge number of brands and subsidiaries such as Sandisk, G-technology, Upthere, etc. The company make all kind of storage drives from memory cards to SSD. The company was founded on 23 April 1970 by Alvin B. Phillips. The company was originally based in California

The Chief Executive Officer of Western Digital is David Goeckeler.  He worked as an Executive Vice President and General Manager of Cisco’s Networking and Security Business before joining the WDC. He has vast experience and he has a strong academic background too. He holds one bachelor’s degrees in computer science and a master’s degree in computer science and business administration

2nd quarter 2021 FY 2021 results

The company announced its 2nd quarter FY 2021 results on January 28 2021.

The company revenue was down 7% year-over-year and it was $3.9 billion.  The high reduction in revenue was seen in data centre devices and solutions revenue which reduced 46%. The company’s GAPP earning per share was $0.20 and Non-GAAP was $0.69 per share. The company had a generated operating cash flow of $425 million while free cash flow for the 2nd quarter of 2021 was $149 million. The gross margin was up 2.2ppt

Business Outlook for Fiscal Third Quarter of 2021

The company is expecting revenue between $3.85 billion to $4.05billion for the 3Q of 2021. Operating expenses will be $770-$790 million. The company is expecting a diluted earningsof $0.55 per share Non-GAAP.

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