Western Digital Corp WDC shares fell in Tuesday’s after-hours session after the corporate reported blended fiscal second-quarter outcomes and issued weak steerage.

What Occurred: Western Digital reported second-quarter income of $3.11 billion, which beat common analyst estimates of $2.99 billion, in accordance with Benzinga Professional. The corporate reported a quarterly web lack of 42 cents per share, which can not evaluate to estimates for a lack of 12 cents per share.

Western Digital mentioned its bottom-line outcomes embody $100 million of underutilization associated expenses in exhausting disk drives (HDD).

“The Western Digital crew delivered income on the excessive finish of our steerage vary, regardless of a difficult flash worth setting and continued cloud stock digestion. We proceed to take motion to reset the enterprise in response to the post-pandemic setting by optimizing our value construction and strengthening our liquidity,” mentioned David Goeckeler, CEO of Western Digital.

Western Digital anticipates a fiscal third-quarter adjusted web lack of $1.40 to $1.70 per share. The corporate sees third-quarter income in a spread of $2.6 billion to $2.8 billion versus estimates of $3.01 billion.

Western Digital’s outlook consists of underutilization expenses in flash and HDD totaling $250 million, with flash pushed by a 30% discount in wafer begins starting in January.

See Additionally: Snap Inventory Sinks On This autumn Earnings, Firm Holds Again Steerage: What’s Going On?

WDC Value Motion: Western Digital shares are down 4.60% at $41.93 on the time of writing, in accordance with Benzinga Professional.

Picture: courtesy of Western Digital.