By Paul Travis, December 19, 2008, 11:15 AM
Western Digital Corp. (NYSE: WDC), the world second-largest maker of hard drives, says demand for its products has weakened significantly and that its revenue for the second quarter ending Dec. 26 will be below expectations. As a result, the company says it will lay off 2,500 workers, or 5 percent of its workforce, cut executive pay, and shut down some of its factories during the holidays.