Press release
Western Digital Announces Financial Results for Second Quarter Fiscal Year 2020
SAN JOSE, Calif.--(BUSINESS WIRE)-- Western Digital Corp. (Nasdaq: WDC) today reported revenue of $4.2 billion for its second fiscal quarter ended January 3,
About this update from Western Digital Corporation
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported revenue of $4.2 billion for its second fiscal quarter ended January 3, 2020. Operating income was $50 million with a net loss of $139 million, or ($0.47) per share. Excluding certain non-GAAP adjustments, the company achieved non-GAAP operating income of $333 million and non-GAAP net income of $187 million, or $0.62 per share.\n\n\nIn the year-ago quarter, the company reported revenue of $4.2 billion, operating income of $176 million and a net loss of $487 million, or ($1.68) per share. Non-GAAP operating income in the year-ago quarter was $589 million and non-GAAP net income was $424 million, or $1.45 per share.\n\n\nThe company generated $257 million in cash from operations during the second fiscal quarter of 2020, and ended the quarter with $3.1 billion of total cash and cash equivalents. The company returned $149 million to shareholders through dividends and used $388 million to reduce debt. On November 14, 2019, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on January 21, 2020.\n\n\n“The December quarter results reflect strong execution in our product roadmap, success in increasing our hard drive gross margin, and an improving flash market,” said Steve Milligan, chief executive officer, Western Digital. “We expect an accelerated recovery in our flash gross margins, which coupled with ongoing strength in demand for both hard drives and flash, positions us well for continued profitable growth in calendar year 2020.”\n\n\nBusiness Outlook for Third Fiscal Quarter of 2020\n\n\n\n\n \n\n\n\n\nThree Months Ending\n\n\nApril 3, 2020\n\n\n\n\n\n \n\n\n\n\nGAAP(1)\n\n\n\n \n\n\n\nNon-GAAP(1)\n\n\n\n\n\nRevenue ($ in billions)\n\n\n\n\n$4.1 - $4.3\n\n\n\n \n\n\n\n$4.1 - $4.3\n\n\n\n\n\nGross margin\n\n\n\n\n~ 24.5% - 25.5%\n\n\n\n \n\n\n\n~ 28.5% - 29.5%\n\n\n\n\n\nOperating expenses ($ in millions)\n\n\n\n\n$850 - $870\n\n\n\n \n\n\n\n$740 - $760\n\n\n\n\n\nInterest and other expense, net ($ in millions)\n\n\n\n\n$85 - $90\n\n\n\n \n\n\n\n$80 - $85\n\n\n\n\n\nTax rate\n\n\n\n\nN/A\n\n\n\n \n\n\n\n~ 25% - 27% (2)\n\n\n\n\n\nDiluted earnings per share\n\n\n\n\nN/A\n\n\n\n \n\n\n\n$0.85 - $1.05\n\n\n\n\n\nDiluted shares outstanding (in millions)\n\n\n\n\n~ 305\n\n\n\n \n\n\n\n~ 305\n\n\n...