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Western Digital Q1 beats Street forecasts after doubling from '11

IRVINE, California--Hard drive maker Western Digital Corp. said Monday that its first-quarter net income more than doubled from a year ago, helped by the March acquisition of a data storage subsidiary of Hitachi Ltd.

Net income in the three months ended Sept. 28 rose to US$519 million, or US$2.06 per share, compared to US$239 million, or US$1.01 per share, a year ago.

Excluding items such as the amortization of intangibles related to the purchase of the company formerly known as Hitachi Global Storage Technologies, adjusted earnings came to US$2.36 per share. That beat the US$2.29 per share expected by analysts polled by FactSet.

Revenue rose 50 percent to US$4.04 billion. That was also higher than the US$3.98 billion expected by analysts.

CEO John Coyne said in a statement that a weak economy is “dampening near term demand” but said he remains confident in the company's prospects over the long term.

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