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October 20, 2010

Western Digital Q1 revenue up 9% to $2.4bn

Operating income decreases 34%

By CBR Staff Writer

Western Digital (WD) has reported net revenue of $2.4bn for the first quarter of fiscal 2011, an increase of 9.1% as compared to $2.2bn for the same period last fiscal.

The company posted an operating income of $211m for the first quarter of 2011, a decrease of 34% as compared to $319m for the same quarter last year.

For the first quarter ended October 1 2010, the company posted a net income of $197m, or $0.84 per dilute share, as compared to a net income of $288m, or $1.25 per dilute share for Q1 FY09.

Western Digital president and CEO John Coyne said in a quarter characterised by aggressive industry pricing, the company remained solidly profitable, grew revenues and unit shipments year-over-year, and generated $390m in cash from operations.

"Our low-cost business model and strong balance sheet enable us to weather the seasonality and cycles of the hard drive industry such as we experienced during the last two quarters," Coyne said.

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