UPDATE: Western Digital Lowers Q1 Revenue Forecast, Initiates Dividend

Western Digital (NASDAQ: WDC) lowered its revenue forecast for the fiscal first quarter.

The company initiated a quarterly dividend and lifted its share repurchase authorization by $1.5 billion.

Western Digital projects Q1 revenue of $3.9 billion to $4 billion, down from its earlier forecast of $4.2 billion to $4.3 billion.

Western Digital shares dropped 1.66% to $41.87 in after-hours trading.

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