Memory chip firm Western Digital Corp forecast fourth-quarter revenue below Wall Street estimates and a bigger current-quarter loss, signaling that memory chip demand will take longer to recover as cloud spending also shrinks.The company's shares fell about 1 per cent in extended trading.Chipmakers
Memory chip firm Western Digital Corp forecast fourth-quarter revenue below Wall Street estimates and a bigger current-quarter loss, signaling that memory chip demand will take longer to recover as cloud spending also shrinks.Chipmakers across the board including Intel Corp have said cloud spending is weakening.
The memory industry, which was the first to flag a chip supply glut last year, was slammed by falling chip prices due to the combined impact of falling demand for electronics and oversupply. Western Digital expects fourth-quarter revenue between $2.40 billion and $2.60 billion. Analysts expect revenue of $2.86 billion, according to Refinitiv data.
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