Why Western Digital Shares Are Falling

Western Digital Corp WDC shares are trading lower by 2.14% to $42.43 Wednesday morning after Seagate Technology Holdings PLC STX lowered its guidance.

What Happened?

Seagate slashed its outlook for the fiscal first quarter ending September 30, 2022, against a worsening macroeconomic backdrop. Seagate now expects fiscal first-quarter revenue of $2.1 billion plus or minus $100 million, down from the previous guidance of $2.5 billion plus or minus $150 million, and the consensus of $2.52 billion.

Seagate cut its production output and expenses and moderated fiscal 2023 capital investments... Read More

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According to data from Benzinga Pro, Western Digital has a 52-week high of $69.36 and a 52-week low of $41.63.