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 logo of Western Digital Corporation is displayed at the company's headquarters in Tokyo, Japan, May 27, 2019. REUTERS/Yoshiyasu Shidaforecast 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.
While memory chipmakers have been cutting production to alleviate oversupply and prop up memory chip pricing, a weak global economic outlook has clouded the hopes for a quicker recovery.
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