Investment Rating - The report indicates a positive outlook for Western Digital, with a Non-GAAP revenue guidance for Q2 FY2024 set between $3.6 billion and $3.8 billion, reflecting a QoQ increase of 7% and YoY increase of 32% [18][22]. Core Insights - The storage market is recovering, with Western Digital's Q1 FY2024 performance exceeding expectations, driven by growth in cloud services and improved pricing strategies [1][2]. - The company reported a Non-GAAP revenue of $3.457 billion for Q1 FY2024, representing a 23% YoY increase and a 14% QoQ increase, surpassing market expectations [7][22]. - Non-GAAP gross margin reached 29.3%, up 18.7 percentage points YoY and 13.8 percentage points QoQ, attributed to effective pricing strategies and cost reductions [2][22]. Summary by Sections Overall Revenue Situation - In Q1 FY2024, Western Digital achieved Non-GAAP revenue of $3.457 billion, with all major end markets showing YoY growth. Cloud services revenue was $1.553 billion, accounting for 45% of total revenue, with a 45% QoQ increase and a 29% YoY increase [2][13]. - Client business revenue was $1.147 billion, representing 34% of total revenue, with a 5% QoQ increase and a 20% YoY increase [13][22]. - Consumer business revenue was $730 million, accounting for 21% of total revenue, with a 13% QoQ decrease but a 17% YoY increase [13][22]. Business Progress - Flash business revenue was approximately $1.705 billion, with a 2.4% QoQ increase and a 30.5% YoY increase, driven by an 18% increase in average selling price (ASP) [15][22]. - HDD business revenue reached approximately $1.752 billion, reflecting a 28.2% QoQ increase and a 17.1% YoY increase, with Exabyte shipments increasing by 41% QoQ [15][22]. Inventory - As of the end of Q1 FY2024, inventory turnover days were 119 days, with a stable inventory value of $3.2 billion. HDD inventory decreased while flash inventory increased [12][22]. Q2 Company Performance Guidance - For Q2 FY2024, the company expects Non-GAAP revenue to be in the range of $3.6 billion to $3.8 billion, with a gross margin guidance of 32% to 34% [18][22].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 29, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-8703 WESTERN DIGITAL CORPORATION (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of Delaware ...

Key PointsData storage solutions provider Western Digital completely reversed QOQ metrics, turning losses of 69 cents in fiscal Q2 2024 to a profit of 63 in fiscal Q3 2024, crushing estimates by 41 cents.AI tailwinds took revenues from down 2.4% YOY in Q2 2024 to surging 23.3% YOY in Q3 2024 to $3.46 billion, crushing $3.37 billion consensus estimates.Western Digital raised Q4 2024 EPS forecast to 90 cents to $1.20 versus 89 cents consensus estimates, but shares still gapped down the following morning.5 sto ...

Western Digital Corporation (WDC) reported third-quarter fiscal 2024 non-GAAP earnings of 63 cents per share, much ahead of the Zacks Consensus Estimate of earnings of 21 cents. The company reported a loss of $1.36 per share in the prior-year quarter.Management anticipated fiscal third-quarter non-GAAP net income in the range of a loss of 10 cents to earnings of 20 cents.Revenues of $3.457 billion beat the Zacks Consensus Estimate by 3.9%. The top line increased 23% year over year owing to strong performanc ...

Start Time: 16:30 January 1, 0000 5:04 PM ET Western Digital Corporation (NASDAQ:WDC) Q3 2024 Earnings Conference Call April 25, 2024, 16:30 PM ET Company Participants David Goeckeler - CEO Wissam Jabre - EVP and CFO Peter Andrew - VP, Financial Planning and Analyst and IR Conference Call Participants C.J. Muse - Cantor Fitzgerald. Joe Moore - Morgan Stanley Aaron Rakers - Wells Fargo Wamsi Mohan - Bank of America Karl Ackerman - BNP Paribas Amit Daryanani - Evercore Harlan Sur - JPMorgan Carlos Colorado - ...

Fiscal Third Quarter 2024 Financial Results Western Digital April 25, 2024 2 © 2024 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTSRESERVED Forward Looking Statements SAFE HARBOR ...

SAN JOSE, Calif., — April 25, 2024 — Western Digital Corp. (Nasdaq: WDC) today reported fiscal third quarter 2024 financial results. Western Digital Reports Fiscal Third Quarter 2024 Financial Results "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 D ...

As Western Digital Corporation (NASDAQ: WDC) prepares to announce its Q3 earnings later this week, investors are poised on the edge of their seats, eagerly anticipating the company’s performance amidst a pivotal moment in its trajectory.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Western Digital’s positioning within the semiconductor industry, positions it as a key player in the storage market’s resurgence. As the memory and storage sector navigat ...

Western Digital (WDC) is scheduled to report fiscal third-quarter 2024 results on Apr 25.For the to-be-reported quarter, management projects non-GAAP earnings per share in the range of a loss of 10 cents to earnings of 20 cents. The Zacks Consensus Estimate is pegged at an earnings of 21 cents. WDC reported a loss per share of $1.37 in the prior-year quarter.Western Digital expects non-GAAP revenues in the range of $3.2-$3.4 billion. The consensus estimate is currently pegged at $3.33 billion, indicating an ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Western Digital (WDC) .Western Digital currently has an average brokerage ...