WD Revenues Hit $2.4B

Lake Forest-based hard drive maker Western Digital Corp. announced its Q4 results yesterday saying that it had revenues of $2.4 billion and net income of $265M. The results were up from $1.9 billion and $196M in net income in the year ago quarter. The firm said it saw softer than anticipated June quarter demand, but still generated $363M in cash from its operations, giving it $2.7 billion in cash and cash equivalents. Despite the lower demand in the quarter, the firm said that it believes long-term demand for the low-cost, high-volume storage "remains strong."