Leading data storage manufacturer Western Digital (NASDAQ: WDC) will be announcing earnings results. Here's what to look for.

Last quarter Western Digital reported revenues of $2.67 billion, down 41% year on year, beating analyst revenue expectations by 5.97%. It was a weaker quarter for the company, with underwhelming revenue guidance for the next quarter and a decline in its operating margin.

Is Western Digital buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Western Digital's revenue to decline 28.7% year on year to $2.66 billion, a further deceleration on the 26% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$1.90 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates twice over the last two years.

Looking at Western Digital's peers in the semiconductors segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Seagate Technology's revenues decreased 28.6% year on year, missing analyst estimates by 2.58% and Micron Technology reported revenue decline of 39.6% year on year, exceeding estimates by 2.15%. 

Read our full analysis of Seagate Technology's results here and Micron Technology's results here.

Tech stocks have been under pressure since the end of last year and while some of the semiconductors stocks have fared somewhat better, they have not been spared, with share price declining 9.39% over the last month. Western Digital is down 14.1% during the same time, and is heading into the earnings with analyst price target of $46.8, compared to share price of $39.08.

One way to find opportunities in the market is to watch for generational shifts in the economy. Almost every company is slowly finding itself becoming a technology company and facing cybersecurity risks and as a result, the demand for cloud-native cybersecurity is skyrocketing. This company is leading a massive technological shift in the industry and with revenue growth of 70% year on year and best-in-class SaaS metrics it should definitely be on your radar.

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The author has no position in any of the stocks mentioned.