Tencent Technology reported Western Digital reported its second-quarter results for the fiscal year 2019 ended Dec. 28, 2018 on Thursday. Revenue at Western Digital was $4.2 billion, down 21 cents from the same period last year, and a net loss of $487 million, down from $823 million in the same period last year, according to results.
Western Digital's second-quarter revenue was $4.2 billion, down 21 percent from $5.3 billion in the same period last year. The company posted a net loss of $487 million, or $1.68 a share, compared with a net loss of $823 million, or $2.78 a share, for the same period last year. Western Digital posted adjusted net income of $424 million, or $1.45 per share, not in accordance with U.S. general accounting standards, compared with $1.2 billion, or $3.95 a share, adjusted for the same period last year.
Western Digital's second-quarter net profit and revenue were less than market expectations. Thomson Reuters survey shows that market analysts had previously expected that, in accordance with US GAAP, Western Digital's second-quarter earnings per share was $ 1.49, with revenue of $ 4.25 billion.
Western Digital reported second-quarter operating profit of $176 million, down 82 percent from $955 million in the same period last year, and operating expenses of $868 million, down 18 cents from $1.058 billion in the same period last year. The company earned $469 million in cash through operations in the second quarter. Western Digital held $4.1 billion in cash, cash equivalents and marketable securities at the end of the second quarter.
Western Digital returned $144 million to shareholders through dividends in the second quarter. The company announced a dividend of $0.50 on November 7, and the dividend payment date is January 14, 2019.
Western Digital CEO Steve Milligan (Steve Milligan) said: "despite the weak business environment, our second-quarter results were generally within our guidance. We are taking action to better adapt the company's cost and expenditure structure to recent business conditions while continuing to provide innovative solutions to drive our future success. "as we enter 2019 with our most powerful portfolio ever, we are confident of our ability to take advantage of the long-term opportunities associated with data growth."
Western Digital shares rose $2.52, or 6.70 cents, to $40.14 in regular trading on Nasdaq on Thursday. In subsequent after-hours trading, the company's share price fell at one point more than 2. Western Digital shares rose 41 cents, or 1.02 cents, to $40.55. Western Digital's lowest share price over the past 52 weeks was $33.83, with its highest share price at $106.96. At Thursday's close, the company has a market capitalisation of about $11.6 billion. (Tencent Technology Compiler / Ming Xuan)