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Western Digital shares jump 12.5% after company raises forecast

The Western Digital logo is displayed on an external hard drive.
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Shares of Western Digital jumped 2 percent Wednesday after the data storage company raised its revenue and earnings forecasts for the first quarter.

The Irvine, California-based firm now expects its fiscal first quarter revenue to be in the range of $4.45 billion to $4.55 billion, compared with a previous range of of $4.4 billion to $4.5 billion.

It forecasts first quarter earnings per share in the range of $1 to $1.05, up from of previous predictions of $0.85 to $0.90.

Western Digital is on pace for its best daily performance in nearly a year back to Sept. 30, 2015 when it gained 14.52 percent.

Western Digital said on Wednesday that it updated expectations for the quarter following its acquisition of SanDisk and continued progress integrating subsidiaries.

"...The company is addressing a larger number of customers with a broader portfolio of hard drive and flash storage products, leading to a better-than-expected product mix," Western said in a press release.

Even with Wednesday's gains, the stock is down more than 11 percent year-to-date.

WDC 2016 Chart