Press release
Western Digital Reports Fiscal Third Quarter 2020 Financial Results
News Summary Third quarter revenue was $4.2 billion, up 14% year-over-year (YoY). Data Center Devices and Solutions revenue grew 22%, Client Devices grew
About this update from Western Digital Corporation
[{"type":"text","content":"\nNews Summary\n\n\n\nThird quarter revenue was $4.2 billion, up 14% year-over-year (YoY). Data Center Devices and Solutions revenue grew 22%, Client Devices grew 13%, and Client Solutions grew 2% YoY.\n\n\nThird quarter GAAP earnings-per-share (EPS) was $0.06 and non-GAAP EPS was $0.85. Both GAAP and non-GAAP EPS include $13 million cost of revenue impact due to COVID-19.\n\n\nGenerated operating cash flow of $142 million and free cash flow of $176 million. Suspending our dividend to strengthen our reinvestment in growth and innovation and to support our ongoing deleveraging efforts.\n\n\nExpecting fourth quarter revenue to be in the range of $4.25 to $4.45 billion with non-GAAP EPS in the range of $1.00 to $1.40. Non-GAAP EPS outlook anticipates the impacts due to COVID-19.\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported fiscal third quarter 2020 financial results.\n\n\n“I joined Western Digital a little over a month ago because I have strong conviction in the digital transformation that is reshaping every industry, every company and how all of us live our daily lives,” said David Goeckeler, Western Digital CEO. “While I couldn’t have anticipated the unprecedented series of events that have transpired, I’m very proud of how the company has responded to an extremely dynamic environment with dedicated focus both on our employees’ safety as well as delivering our market leading technology to our customers. As the only company in the world to provide a broad array of NAND flash, Solid State Drives (SSD) and Hard Disk Drives (HDD) solutions, I’m confident our innovation will drive significant new value for customers around the world.”\n\n\nQ3 2020 Financial Highlights\n\n\n\n\n \n\n\n\n \n\n\n\nGAAP\n\n\n\n \n\n\n\nNon-GAAP\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nQ3 2020 \n\n\n\nQ3 2019 \n\n\n\nvs. Q3 2019 \n\n\n\n \n\n\n\nQ3 2020 \n\n\n\nQ3 2019 \n\n\n\nvs. Q3 2019 \n\n\n\n\n\n \n\n\n\n \n\n\n\n($ in millions, except per share amounts)\n\n\n\n\n\nRevenue\n\n\n\n \n\n\n\n$4,175\n\n\n\n \n\n\n\n$3,674\n\n\n\n \n\n\n\nup 14 %\n\n\n\n \n\n\n\n$4,175\n\n\n\n \n\n\n\n$3,674\n\n\n\n \n\n\n\nup 14 %\n\n\n\n\n\nGross Margin\n\n\n\n \n\n\n\n24.1\n\n\n\n%\n\n\n\n15.8\n\n\n\n%\n\n\n\nup 8.3 pts\n\n\n\n \n\n\n\n27.9\n\n\n\n%\...