Western Digital Corp. said third-quarter profit fell 82% to $50 million as revenue plunged. But the disk drive maker's results still beat Wall Street expectations, sending shares up in after-hours trading.
Net income, which amounted to 22 cents a share, was down from $280 million, or $1.23 a share, a year earlier.
The Lake Forest company said the results included one-time charges of $14 million related to its acquisition of solid-state drive maker SiliconSystems Inc. and $4 million for a restructuring plan announced in December.
Excluding the charges, the company said its net income came to $68 million, or 30 cents a share.
Revenue sank 25% to $1.59 billion.
Western Digital shares rose 43 cents, or 2%, to $22.22 after closing down 32 cents at $21.79 in regular trading. .