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Western Digital profit misses consensus by 63.0% in fiscal Q2

Western Digital Corp. said its normalized net income for the fiscal second quarter ended Dec. 30, 2016, came to 79 cents per share, compared with the S&P Capital IQ consensus estimate of $2.12 per share.

EPS climbed 8.7% year over year from 72 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $231.3 million, an increase of 36.5% from $169.4 million in the second quarter ended Jan. 1, 2016.

The normalized profit margin declined to 4.7% from 5.1% in the year-earlier period.

Total revenue increased 47.4% on an annual basis to $4.89 billion from $3.32 billion, and total operating expenses rose 41.3% on an annual basis to $4.29 billion from $3.04 billion.

Reported net income decreased 6.1% from the prior-year period to $235.2 million, or 80 cents per share, from $250.4 million, or $1.07 per share.