Western Digital 3Q Profit up Eight-Fold

Hard disk drive maker Western Digital Corp. said its third-quarter net profit grew eight-fold as its revenue increased by 66% amid strong demand.

CEO John Coyne said in a statement that demand was stronger than expected in the third quarter, adding "2010 will continue to be a strong year for digital storage."

Net income in the three months to April 2 rose to $400 million, or $1.71 per share, up from $50 million, or 22 cents per share, in the same period a year earlier. Revenue rose to $2.64 billion from $1.59 billion.

Analysts polled by Thomson Reuters expected earnings of $1.55 per share on revenue of $2.54 billion.

Hard drive shipments rose 62% to 51.1 million units, the company said.

Shares were down 53 cents at $40.15 in after-hours trading following the announcement.

Copyright 2010 The Associated Press.