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Western Digital profit misses consensus by 52.6% in fiscal Q1

Western Digital Corp. said its normalized net income for the fiscal first quarter ended Sept. 29 was $1.57 per share, compared with the S&P Capital IQ consensus estimate of $3.31 per share.

EPS increased 1,035.4% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $480.0 million, a gain of 1,119.0% from $39.4 million in the prior-year period.

The normalized profit margin rose to 9.3% from 0.8% in the year-earlier period.

Total revenue rose 9.9% on an annual basis to $5.18 billion from $4.71 billion, and total operating expenses declined on an annual basis to $4.22 billion from $4.41 billion.

Reported net income totaled $682.4 million, or $2.23 per share, compared with a loss of $364.8 million, or a loss of $1.28 per share, in the prior-year period.