Recession? Tech slump? Losses? Apparently these are all things Western Digital is not familiar with, even if just about everyone else in the tech industry is. The hard drive maker today reported record quarterly revenue of $2.2 billion, and that's not the only record that was set.
Hard drive shipments also hit a record high totaling 44.1 million units for the quarter. All tallied, Western Digital pulled in net income of $288 million, or $1.25 per share, for its first fiscal quarter ended October 2, 2009.
"For the second consecutive quarter, demand for hard drives was stronger than expected as the positive industry conditions that materialized in the June quarter continued throughout the September quarter," said John Coyne, president and chief executive office. "We believe that demand is being driven primarily by consumers as a result of the growing social media phenomenon. This is creating demand in mobile and desktop PCs, branded products, and enterprise storage."
Western Digital went on to say that its hard drive inventories remain at historically low levels. And going forward, the hard drive maker says demand remains strong, so the good times should continue.
Image Credit: Western Digital