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Western Digital Shares Rise 15% on Profit

October 18, 2002|From Bloomberg News

Western Digital Corp. shares rose 15% after the computer disk-drive maker said fiscal first-quarter profit gained 8.3%, exceeding analysts' forecasts.

Net income in the quarter ended Sept. 27 increased to $22.2 million, or 11 cents a share, from $20.5 million, or 11 cents, a year earlier, the company said.

Sales climbed to $582.9 million from $440.9 million.

Western Digital was expected to earn 6 cents on revenue of $525.2 million, based on the average estimate of IBES International analysts.

Revenue grew 32% and unit volume rose 59% from the year- earlier amounts.

Western Digital's largest customer is Dell Computer Corp., which this month boosted its fiscal third-quarter sales forecast. Microsoft Corp. also uses Western Digital's disk drives in its Xbox video game console.

Western Digital, founded in 1970 and based in Lake Forest, Calif., has long been a leader in the data storage industry.

Western Digital shares rose 75 cents to $5.70 on the New York Stock Exchange and reached as high as $5.90.

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