10/23/2009 - 2:03:56 PM
Western Digital, Seagate report profits
By Business Report Staff
LONGMONT - California-based Western Digital Corp., (NYSE: WDC) with a research and development operation in Longmont, reported its fiscal first-quarter profit climbed 37 percent.
Chief Executive John Coyne said demand primarily was from consumers because of the popularity of social media. "Hard-drive inventories remain at historically low levels, reflecting industry discipline in managing supply and demand," he added.
Larger rival California-based Seagate Technology Inc. (Nasdaq: STX) with operations in Longmont, on Oct. 20 posted its first profit in a year as its fiscal first-quarter earnings tripled, helped, in part, by a return of demand for storage in servers and notebooks, according to the Dow Jones Newswires.
For the quarter ended Oct. 2, Western Digital reported a profit of $288 million, or $1.25 a share, up from $211 million, or 93 cents a share, a year earlier. Revenue rose 4.7 percent, to $2.2 billion. Shipments grew 12 percent, to 44.1 million units.
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