SAN JOSE, Calif. (AP) _ Western Digital Corp. (WDC) on Monday reported a fiscal third-quarter loss of $581 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had a loss of $1.99. Earnings, adjusted for amortization costs and non-recurring costs, came to 17 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The maker of hard drives for businesses and personal computers posted revenue of $3.67 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $3.7 billion.
Western Digital shares have climbed 36% since the beginning of the year, while the Standard & Poor's 500 index has risen 17%. In the final minutes of trading on Monday, shares hit $50.43, a drop of 38% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WDC at https://www.zacks.com/ap/WDC