Western Digital Income Plummets 63%20 Apr, 2011 By: Erik Gruenwedel
Company cites significant increase in home entertainment hardware sales
Western Digital Corp. April 20 reported third-quarter (ended April 1) net income of $146 million — down nearly 64% from net income of $400 million during the previous-year period.
The Irvine, Calif.-based manufacturer reported a 15% increase to $6.4 billion in branded product revenue, compared with $5.5 billion last year. Branded products include media players, multimedia drives, portable media drives, DVR expander and AV network kits.
WD TV players feature Netflix, Blockbuster On Demand and CinemaNow for access to subscription movie rentals and transactional video-on-demand.
Overall revenue reached $2.25 billion and shipments of 50 million hard-drives, compared with $2.64 billion and 51 million hard drives last year.
In a statement, CEO John Coyne cited the Japanese earthquake and hard drive shipment delays for the income downturn.