Press release
Western Digital Reports Fiscal Third Quarter 2024 Financial Results
News Summary Third quarter revenue was $3.46 billion, up 14% sequentially (QoQ). Cloud revenue increased 45% (QoQ), Client revenue increased 5% (QoQ) and
About this update from Western Digital Corporation
[{"type":"text","content":"\nNews Summary\n\n\n\nThird quarter revenue was $3.46 billion, up 14% sequentially (QoQ). Cloud revenue increased 45% (QoQ), Client revenue increased 5% (QoQ) and Consumer revenue decreased (13)% (QoQ).\n\n\n\nThird quarter GAAP earnings per share (EPS) was $0.34 and Non-GAAP EPS was $0.63, which includes underutilization-related charges in HDD.\n\n\n\nExpect fiscal fourth quarter 2024 revenue to be in the range of $3.60 billion to $3.80 billion.\n\n\n\nExpect Non-GAAP EPS in the range of $0.90 to $1.20.\n\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported fiscal third quarter 2024 financial results.\n\n\n“As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets,” said David Goeckeler, Western Digital CEO. “We are in the early innings of unlocking the full potential of this company, and as industry supply and demand dynamics continue to improve, we will remain disciplined around our capital spending and focused on driving innovation and efficiency across our businesses. We are confident in our strategy and the actions we have taken to-date, which successfully position us to capitalize on the promising growth prospects that lie ahead.”\n\n\nQ3 2024 Financial Highlights\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nGAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\nNon-GAAP\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nQ3 2024\n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\nQ/Q\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ3 2024\n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\nQ/Q\n\n\n\n\n\n\n\n\nRevenue ($M)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$3,457\n\n\n\n\n\n\n$3,032\n\n\n\n\n\n\nup 14%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$3,457\n\n\n\n\n\n\n$3,032\n\n\n\n\n\n\nup 14%\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n \n\n\n\n\n\n\n29.0%\n\n\n\n\n\n\n16.2%\n\n\n\n\n\n\nup 12.8 ppt\n\n\n\n\n\n\n \n\n\n\n\n\n\n29.3%\n\n\n\n\n\n\n15.5%\n\n\n\n\n\n\nup 13.8 ppt\n\n\n\n\n\n\n\n\nOperating Expenses ($M)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$728\n\n\n\n\n\n\n$702\n\n\n\n\n\n\nup 4%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$632\n\n\n\n\n\n\n$561\n\n\n...