Western Digital stocks declines as earnings miss Street view

Western Digital Corp. shares declined in the extended session Monday after the data storage products company's quarterly results fell below Wall Street estimates. Western Digital shares declined 3.3% after hours, following a 0.9% decline to close the regular session at $50.47. The company reported a fiscal third-quarter loss of $581 million, or $1.99 a share, compared with $61 million, or 20 cents a share, in the year-ago period. Adjusted earnings were 17 cents a share. The company said results included "lower of cost or market inventory charges of approximately $110 million in cost of revenue, primarily related to certain flash memory products that contain DRAM components." Revenue fell to $3.67 billion from $5.01 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 46 cents a share on revenue of $3.68 billion.

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