Memory chipmaker Western Digital Corp forecast first-quarter revenue below Wall Street targets and a bigger-than-expected loss on Monday as weak demand, particularly for its cloud business, forces it to cut production.
Western Digital forecast its adjusted loss per share to be in the range of $2.10 to $1.80, compared to an estimated loss of $1.40 per share. It also forecast revenue for the same period below estimates. Rival Seagate Technology also forecast downbeat revenue for its first quarter last week, on weakness in major market China and lower tech spending.Cutting production - something memory chipmakers did in the first half this year as demand slumped - is a sign that companies are trying to restore order to a supply-glut-ridden industry.
Source: News Formal (newsformal.com)
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