Press release
Western Digital Announces Financial Results for First Quarter Fiscal Year 2020
SAN JOSE, Calif.--(BUSINESS WIRE)-- Western Digital Corp. (Nasdaq: WDC) today reported revenue of $4.0 billion for its first fiscal quarter ended October 4,
About this update from Western Digital Corporation
[{"type":"text","content":"\n \n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported revenue of $4.0 billion for its first fiscal quarter ended October 4, 2019. The operating loss was $129 million with a net loss of $276 million, or ($0.93) per share. Excluding certain non-GAAP adjustments, the company achieved non-GAAP operating income of $235 million and non-GAAP net income of $101 million, or $0.34 per share.\n\n\nIn the year-ago quarter, the company reported revenue of $5.0 billion, operating income of $686 million and net income of $511 million, or $1.71 per share. Non-GAAP operating income in the year-ago quarter was $1.1 billion and non-GAAP net income was $906 million, or $3.04 per share. The company's first fiscal quarter of 2020 was a 14-week fiscal quarter, compared to a 13-week fiscal quarter for the year-ago quarter.\n\n\nThe company generated $253 million in cash from operations during the first fiscal quarter of 2020, and ended the quarter with $3.2 billion of total cash and cash equivalents. The company returned $147 million to shareholders through dividends and used $319 million to reduce debt. On August 7, 2019, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on October 22, 2019.\n\n\n“Fiscal year 2020 is off to a good start. The continued success of our capacity enterprise drives for the data center was the primary driver of the upside we experienced in the fiscal first quarter,” said Steve Milligan, chief executive officer, Western Digital. “The overall demand environment remains solid. We continue to believe the flash industry has passed a cyclical trough, with improving trends across our flash product portfolio. With a broad and growing product portfolio, Western Digital remains well positioned to benefit from the long-term drivers of the growth and value of data.”\n\n\n\n\nBusiness Outlook for Second Fiscal Quarter of 2020\n\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ending\n\n\nJanuary 3, 2020\n\n\n\n\n\n \n\n\n\nGAAP(1)\n\n\n\n \n\n\n\nNon-GAAP(1)\n\n\n\n\n\nRevenue ($ in billions)\n\n\n\n$4.1 - $4.3\n\n\n\n \n\n\n\n$4.1 - $4.3\n\n\n\n\n\nGross margin\n\n\n\n~ 21% - 22%\n\n\n\n \n\n\n\n~ 25% - 26%\n\n\n\n\n\nOperating expenses ($ in millions)\n\n\n\n$880 - $900\n\n\n\n \n\n\n\n$750 - $770\n\n\n\n\n\nInterest and other expense, net ($ i...