Western Digital Corp (NASDAQ:WDC) shares are trading higher on Wednesday as investors react to strong results from peer Seagate Technology Holdings (NASDAQ:STX), which delivered a better‑than‑expected quarter ahead of Western Digital’s own earnings release on Thursday.
Seagate’s Success Sets New Benchmark
Seagate posted adjusted earnings of $3.11 per share for its second-quarter, topping the $2.81 consensus estimate. Revenue came in at $2.82 billion, also above expectations. The company reported a non‑GAAP gross margin of 42.2%, while generating $723 million in operating cash flow and $607 million in free cash flow.
The company also issued upbeat guidance for the third-quarter, projecting adjusted earnings …