Press release
Western Digital Reports Fiscal Fourth Quarter and Fiscal Year 2023 Financial Results
News Summary Fourth quarter revenue was $2.7 billion, down 5% sequentially (QoQ). Cloud revenue decreased 18% (QoQ), Client revenue increased 6% and Consumer
About this update from Western Digital Corporation
[{"type":"text","content":"\nNews Summary\n\n\n\nFourth quarter revenue was $2.7 billion, down 5% sequentially (QoQ). Cloud revenue decreased 18% (QoQ), Client revenue increased 6% and Consumer revenue increased 3% (QoQ). Fiscal year 2023 revenue was $12.3 billion.\n\n\n\nFourth quarter GAAP earnings per share (EPS) was $(2.27) and Non-GAAP EPS was $(1.98), which includes $211 million of underutilization related charges in Flash and HDD. Fiscal year 2023 GAAP EPS was $(5.44) and Non-GAAP EPS was $(3.59).\n\n\n\nExpect fiscal first quarter 2024 revenue to be in the range of $2.55 billion to $2.75 billion.\n\n\n\nExpect Non-GAAP EPS in the range of $(2.10) to $(1.80) which includes $200 to $220 million of underutilization charges in Flash and HDD.\n\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported fiscal fourth quarter and fiscal year 2023 financial results.\n\n\n“Throughout the fiscal fourth quarter and fiscal year, Western Digital continued to optimize our operations and successfully execute our innovative product roadmap, priming ourselves for greater profitability when demand rebounds across hard drives and flash. As a result of these efforts, we delivered revenue above our expectation and delivered a range of industry-leading products to our customers,” said David Goeckeler, Western Digital CEO.\n\n\n“We are encouraged by several indicators signaling improving Flash market dynamics. Our two largest end markets, Client and Consumer, are returning to growth, inventories are normalizing, content per unit is increasing and price declines have been moderating. Western Digital is well-positioned to capitalize on improving market conditions and capture long-term growth opportunities in data storage, spanning from client to edge to cloud,” continued David Goeckeler.\n\n\nQ4 2023 Financial Highlights\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nGAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\nNon-GAAP\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nQ4 2023\n\n\n\n\n\n\nQ3 2023\n\n\n\n\n\n\nQ/Q\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ4 2023\n\n\n\n\n\n\nQ3 2023\n\n\n\n\n\n\nQ/Q\n\n\n\n\n\n\n\n\nRevenue ($M)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$2,672\n\n\n\n\n\n\n$2,803\n\n\n\n\n\n\ndown 5%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$2,67...