Western Digital Posts Lower Profit

Western Digital Corp. posted lower profit for the fiscal third quarter while revenue rose.

The manufacturer of hard disk drives said net income for the quarter ended March 31 fell 2% to $19.4 million, or 42 cents a share, from $19.7 million, or 40 cents a share, for the prior-year period. Revenue rose 38% to $728 million from $529 million.

For the first nine months, the company posted net income of $64.2 million, or $1.31 a share, which included a one-time, pretax gain of $17.3 million associated with the sale of the multimedia products unit. Net income for the first three quarters of the prior year totaled $96.9 million, or $1.95 a share. Revenue increased 33% to $2 billion from $1.5 billion.