Western Digital Corp (NASDAQ:WDC) shares reported weaker-than-expected results for its second quarter. However, the company said it projected revenue to rise in the second half.
The San Jose-based company reported revenue of $4.2 billion for its second fiscal quarter ended December 28, 2018. Operating income was $176 million with a net loss of $487 million, or ($1.68) per share. Excluding certain non-GAAP adjustments, the company achieved non-GAAP operating income of $589 million and non-GAAP net income of $424 million, or $1.45 per share.
In the year-ago quarter, the company reported revenue of $5.3 billion, operating income of $955 million and net loss of $823 million, or ($2.78) per share. Non-GAAP operating income in the year-ago quarter was $1.4 billion and non-GAAP net income was $1.2 billion, or $3.95 per share.
The company generated $469 million in cash from operations during the second fiscal quarter of 2019, ending with $4.1 billion of total cash, cash equivalents and available-for-sale securities.
The company returned $144 million to shareholders through dividends and repaid the outstanding balance on its revolver of $500 million. Last November, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on January 14, 2019.
"Despite a softening business environment, our fiscal second-quarter results were generally within our guidance ranges," said Steve Milligan, chief executive officer, Western Digital. "We enter calendar 2019 with the strongest product portfolio in our history and confidence in our ability to capitalize on the long-term opportunities associated with data growth."
Shares vaulted $2.67, or 6.7%, to $42.81
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