Why Western Digital shares fell despite rising profits

Western Digital (WDC) stock fell Friday despite the hard drive maker reporting first-quarter financial results that beat estimates. The company’s previously red-hot shares have been mired in a nearly four-month decline. Western Digital’s profit soared 160% to $4.64 per share for the quarter ended in September, the San Jose, Calif.-based company said late Thursday. Analysts surveyed by FactSet forecast an adjusted profit…