Press release
Western Digital Reports Fiscal Second Quarter 2024 Financial Results
News Summary Second quarter revenue was $3.03 billion, up 10% sequentially (QoQ). Cloud revenue increased 23% (QoQ), Client revenue decreased 2% (QoQ) and
About this update from Western Digital Corporation
[{"type":"text","content":"\nNews Summary\n\n\n\nSecond quarter revenue was $3.03 billion, up 10% sequentially (QoQ). Cloud revenue increased 23% (QoQ), Client revenue decreased 2% (QoQ) and Consumer revenue increased 15% (QoQ).\n\n\n\nSecond quarter GAAP earnings per share (EPS) was $(0.87) and Non-GAAP EPS was $(0.69), which includes $156 million of underutilization-related charges in Flash and HDD.\n\n\n\nExpect fiscal third quarter 2024 revenue to be in the range of $3.20 billion to $3.40 billion.\n\n\n\nExpect Non-GAAP EPS in the range of $(0.10) to $0.20, which includes $30 to $40 million of underutilization-related charges in HDD.\n\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported fiscal second quarter 2024 financial results.\n\n\n“Western Digital’s second quarter results demonstrate that the structural changes we have put in place over the last few years and the strategy we have been executing are producing significant outperformance across our flash and HDD businesses,” said David Goeckeler, Western Digital CEO. “We are seeing our efforts come to fruition as our financial performance met, or exceeded, the non-GAAP guidance ranges we provided in October, and I am confident that our strategy of managing inventory proactively, offering a broad range of products, closely controlling our product cost through focused R&D and manufacturing, and bolstering the agility of our business will allow us to improve through-cycle profitability and dampen business cycles into the future.”\n\n\nQ2 2024 Financial Highlights\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nGAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\nNon-GAAP\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\nQ/Q\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\nQ/Q\n\n\n\n\n\n\n\n\nRevenue ($M)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$3,032\n\n\n\n\n\n\n$2,750\n\n\n\n\n\n\nup 10%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$3,032\n\n\n\n\n\n\n$2,750\n\n\n\n\n\n\nup 10%\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n \n\n\n\n\n\n\n16.2%\n\n\n\n\n\n\n3.6%\n\n\n\n\n\n\nup 12.6 ppt\n\n\n\n\n\n\n \n\n\n\n\n\n\n15.5%\n\n\n\n\n\n\n4.1%\n\n\n\n\n\n\nup 11.4 ppt\n\n\n\n\n\n\n\n\nOperating Expenses ($M)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$702\n\n\n\n\n\n\n$695\n\n\n\n\n\n\nup 1%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$561\n\n\n\n\n\n\n$555\n\n\n\n\n\n\nup 1%\n\n\n\n\n\n\n\n\nOp...