Western Digital Corporation

Memory and data storage stocks are shaking off some of their blues.

Western Digital (WDC) reported fiscal first-quarter non-GAAP EPS of $4.64, above the analysts' consensus of $4.11, on revenue of $4.38 billion, up 55% from a ye

WDC's fiscal Q1 earnings and revenue beat estimates, fueled by strong cloud demand and pricing gains, as higher-capacity drives and new technology transitions drive growth.

Western Digital WDC reported strong fiscal first-quarter results and issued an upbeat outlook as demand for hard disk drives (HDDs) continued to benefit from artificial intelligence infrastructure spending. However, concerns about rising capital expenditure, potential increases in industry supply, and the sustainability of demand prompted mixed reactions from Wall Street analysts.

Western Digital Corp (NASDAQ:WDC) expects revenue to rise 66% to 72% year on year in its fiscal second quarter after first-quarter sales climbed 55% to $4.38 billion. The company forecast second-quarter revenue of $5.1 billion, plus or minus $100 million, as demand for data storage continued to strengthen.