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Western Digital profit misses consensus by 95.0% in fiscal Q1

Western Digital Corp. said its normalized net income for the fiscal first quarter ended Sept. 30 was 5 cents per share, compared with the S&P Capital IQ consensus estimate of $1.05 per share.

EPS decreased 94.7% year over year from 99 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $15.0 million, a decline of 93.5% from $231.3 million in the first quarter ended Oct. 2, 2015.

The normalized profit margin dropped to 0.8% from 6.9% in the year-earlier period.

Total revenue climbed 40.3% on an annual basis to $4.71 billion from $3.36 billion, and total operating expenses increased 48.0% on an annual basis to $4.41 billion from $2.98 billion.

Reported net income came to a loss of $364.8 million, or a loss of $1.28 per share, compared with income of $283.1 million, or $1.21 per share, in the first quarter ended Oct. 2, 2015.