WDC stock falls as analysts cite stronger results from rival Seagate Technology overshadowing its fiscal Q4 earnings beat.
Western Digital reported fiscal fourth-quarter revenue of $3.75 billion, a 44% year-over-year increase, exceeding expectations. The company, recently rebranded as WD, attributed the growth to strong demand in its hard-disk drive segment.
Despite the earnings beat, WDC shares declined sharply, with analysts pointing to Seagate Technology’s stronger report last week as a key factor. The market reaction contrasts with the broader Dow Jones index, which rose, while tech-heavy Nasdaq futures fell.
AI-related stocks, including Sandisk and Western Digital, led the tech sector’s decline, weighing on investor sentiment in the session.