Western Digital Stock Price, News & Analysis

Western Digital Corp. (NASDAQ: WDC) is set to release its third quarter fiscal year 2023 financial results post market close on May 8, 2023. An investment community conference call to discuss the findings will take place on the same day at 1:30 p.m. Pacific / 4:30 p.m. Eastern. A live audio webcast of the conference will be accessible at investor.wdc.com. The company emphasizes its commitment to innovation in data storage solutions and has set ambitious carbon reduction goals approved by the Science Based Targets initiative. Investors and stakeholders can find more information about Western Digital and its brands on their official website.

Western Digital Corp. (NASDAQ: WDC) disclosed a network security incident that began on March 26, 2023. An unauthorized party accessed several of its systems, prompting the company to implement incident response measures and collaborate with external security experts. The ongoing investigation aims to assess the extent of the breach and secure operations, which have been disrupted as a result. Western Digital believes that data may have been compromised, and it is actively working on restoring affected infrastructure and services. Updates will be provided as the situation evolves.

Kioxia Corporation and Western Digital (NASDAQ: WDC) have unveiled a groundbreaking 3D flash memory technology that promises enhanced performance, density, and cost-effectiveness. This innovation, born from their strong partnership, utilizes advanced scaling and wafer bonding technologies, achieving over 50% bit density improvement. The new 218-layer 3D flash supports 1Tb TLC and QLC with high-speed NAND I/O surpassing 3.2Gb/s. With sample shipments for select customers underway, the eighth-generation BiCS FLASH™ is poised to meet the growing demands of data-centric applications like smartphones and data centers.

Western Digital Corporation (NASDAQ: WDC) has been recognized by Ethisphere as one of the 2023 World’s Most Ethical Companies, marking its fifth consecutive year of recognition. Only six technology companies received this honor among 135 honorees across 19 countries and 46 industries. The recognition emphasizes the company's commitment to ethics, compliance, and governance practices, which are critical for long-term performance. Tiffany Scurry, Western Digital's Chief Compliance Officer, highlighted the company's ongoing dedication to ethical business conduct.

Western Digital Corp. (NASDAQ: WDC) announced that its management will participate in the upcoming Morgan Stanley Technology, Media & Telecom Conference on March 7, 2023, at 8:35 a.m. PT / 11:35 a.m. ET. The presentation will be available as a live webcast on the company’s Investor Relations website, with an archived replay accessible shortly after the event concludes. Western Digital focuses on unlocking data potential through innovative storage solutions and has set ambitious carbon reduction targets approved by the Science Based Targets initiative. For more information, visit www.westerndigital.com.

Western Digital reported second quarter 2023 revenues of $3.11 billion, at the high end of guidance, but experienced a 17% quarter-over-quarter decline. GAAP EPS was $(1.40) and Non-GAAP EPS was $(0.42), impacted by $100 million in underutilization charges related to HDD. The company forecasts third quarter revenue between $2.60 billion and $2.80 billion with Non-GAAP EPS expected to range from $(1.70) to $(1.40). Notably, the operating loss was $321 million GAAP and $119 million Non-GAAP, reflecting ongoing challenges in the flash price environment and cloud inventory adjustments.

Western Digital (Nasdaq: WDC) announced a $900 million investment of convertible preferred stock led by Apollo Global Management, alongside Elliott Investment Management. This funding is aimed at bolstering the company's financial position and strategic flexibility as it explores long-term value optimization. The preferred stock has a conversion price of $47.75, representing a 25% premium over recent stock prices. In connection with this investment, Apollo's Reed Rayman joins Western Digital's Board of Directors, and the collaboration is expected to guide the company toward enhanced growth and shareholder value.

Western Digital Corp. (NASDAQ: WDC) will release its second quarter fiscal year 2023 financial results on January 31, 2023, after market closure. A conference call to discuss these results will be held the same day at 1:30 p.m. Pacific / 4:30 p.m. Eastern. Investors can access a live webcast and replay on the company's investor relations page.

Western Digital focuses on harnessing data through innovative storage solutions, with a commitment to ambitious carbon reduction goals aligned with the Science Based Targets initiative.