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Earnings Roundup

Western Digital net income sinks

April 24, 2009|Times Wire Reports

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. .

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