Press release
Western Digital Reports Fiscal Second Quarter 2022 Financial Results
News Summary Second quarter revenue was $4.83 billion, up 23% year-over-year (YoY). Cloud revenue increased by 89%, Client revenue declined by 1%, and
About this update from Western Digital Corporation
[{"type":"text","content":"\nNews Summary\n\n\nSecond quarter revenue was $4.83 billion, up 23% year-over-year (YoY). Cloud revenue increased by 89%, Client revenue declined by 1%, and Consumer revenue remained flat YoY.\n\n\nSecond quarter GAAP earnings per share (EPS) was $1.79 and non-GAAP EPS was $2.30. Non-GAAP EPS included $70 million in COVID-related expenses.\n\n\nGenerated operating cash flow of $666 million and free cash flow of $407 million.\n\n\nCompleted debt refinancing transaction and reduced gross debt balance to $7.40 billion.\n\n\nExpect fiscal third quarter 2022 revenue to be in the range of $4.45 billion to $4.65 billion with non-GAAP EPS in the range of $1.50 to $1.80.\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported fiscal second quarter 2022 financial results.\n\n“I’m proud of the Western Digital team for delivering another quarter of strong results that exceeded guidance, even in the midst of ongoing supply chain disruptions and COVID-related challenges,” said David Goeckeler, Western Digital CEO. “While we continue to experience strong demand across our end markets, these challenges continue to present a headwind to near-term results. We’ve executed well in building a solid foundation for future profitable growth driven by innovative products within our flash and hard drive businesses. As these transitory headwinds subside, we expect to emerge in a stronger position to drive better through-cycle results, creating value for our shareholders, employees and customers.\"\n\nQ2 2022 Financial Highlights\n\n\n\n \n\n\n\n \n\n\n\nGAAP\n\n\n\n \n\n\n\nNon-GAAP\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nQ2 2022\n\n\n\nQ1 2022\n\n\n\nQ/Q\n\n\n\n \n\n\n\nQ2 2022\n\n\n\nQ1 2022\n\n\n\nQ/Q\n\n\n\n\n\nRevenue ($M)\n\n\n\n \n\n\n\n$4,833\n\n\n\n$5,051\n\n\n\ndown 4%\n\n\n\n \n\n\n\n$4,833\n\n\n\n$5,051\n\n\n\ndown 4%\n\n\n\n\n\nGross Margin\n\n\n\n \n\n\n\n32.8%\n\n\n\n33.0%\n\n\n\ndown 0.2 ppt\n\n\n\n \n\n\n\n33.6%\n\n\n\n33.9%\n\n\n\ndown 0.3 ppt\n\n\n\n\n\nOperating Expenses ($M)\n\n\n\n \n\n\n\n$856\n\n\n\n$887\n\n\n\ndown 3%\n\n\n\n \n\n\n\n$741\n\n\n\n$761\n\n\n\ndown 3%\n\n\n\n\n\nOperating Income ($M)\n\n\n\n \n\n\n\n$727\n\n\n\n$778\n\n\n\ndown 7%\n\n\n\n \n\n\n\n$882\n\n\n\n$952\n\n\n\ndown 7%\n\n\n\n\n\nNet Income ($M)\n...