Western Digital Stock Price, News & Analysis

Western Digital Corp. reported fiscal Q1 2023 revenue of $3.74 billion, exceeding guidance midpoints, with GAAP EPS at $0.08 and Non-GAAP EPS at $0.20. The company faced a 17% revenue decline quarter-over-quarter and a 26% year-over-year drop. Operating income declined significantly to $158 million GAAP and $307 million Non-GAAP, reflecting 72% and 56% decreases respectively. For Q2 2023, revenue guidance is $2.90 billion to $3.10 billion with Non-GAAP EPS projected between ($0.25) and $0.05.

Western Digital Corp (NASDAQ: WDC) is set to announce its first quarter fiscal year 2023 financial results before market opening on October 27, 2022. A conference call will follow at 5:30 a.m. Pacific / 8:30 a.m. Eastern to discuss these results, with a live audio webcast available on their investor relations website. The company emphasizes its commitment to innovative data storage solutions and carbon reduction goals.

Western Digital Corp. (NASDAQ: WDC) announced its management's participation in several upcoming investor conferences. Key events include the Deutsche Bank Technology Conference on August 31, 2022, the Citi Global Technology Conference on September 7, 2022, the Evercore ISI TMT Conference on September 8, 2022, and the Goldman Sachs Communacopia + Technology Conference on September 12, 2022. Live webcasts of the presentations will be available on Western Digital's Investor Relations website, with archived replays accessible shortly after each session.

Western Digital Corp. (WDC) reported fiscal Q4 2022 revenue of $4.53 billion, down 8% year-over-year. Cloud revenue rose 5%, while Client and Consumer revenues fell 14% and 23% respectively. GAAP EPS for the quarter was $0.95, with non-GAAP EPS at $1.78. For FY 2022, revenue totaled $18.79 billion, an 11% increase YoY. The company generated $295 million in operating cash flow but reported a free cash flow of $(97) million. Looking ahead, they expect Q1 2023 revenue between $3.60 billion to $3.80 billion with non-GAAP EPS guidance of $0.35 to $0.65.

Western Digital (NASDAQ: WDC) supports the passage of the Bipartisan Innovation Act (BIA), which aims to strengthen semiconductor technology supply chains and enhance national security. CEO David Goeckeler emphasized the Act's role in reinforcing U.S. leadership in the memory and data storage sectors. The company is committed to collaborating with the Biden administration to boost domestic semiconductor advancements, particularly in memory and data storage technologies, which are vital for economic growth and innovation.

Western Digital Corp (NASDAQ: WDC) is set to announce its fourth quarter and fiscal year 2022 financial results on August 5, 2022, before market opening. A conference call to discuss these results will follow at 5:30 a.m. Pacific / 8:30 a.m. Eastern. Interested stakeholders can access a live audio webcast and replay at investor.wdc.com. The company emphasizes its commitment to data potential and sustainable practices.

Western Digital Corporation (WDC) has initiated a review of strategic alternatives to enhance long-term shareholder value. This assessment, overseen by CEO David Goeckeler and the Executive Committee, includes evaluating options for separating its Flash and HDD businesses. Following discussions with major investor Elliott Investment Management, the company is open to considering Elliott’s proposal for additional investment in its Flash sector. Financial advisors Qatalyst Partners and Lazard will assist in this review.

Western Digital (NASDAQ: WDC) has launched its latest 22TB and 26TB UltraSMR HDDs, aimed at reducing total cost of ownership (TCO) for hyperscale cloud customers. These new drives utilize OptiNAND and areal density technologies to offer increased capacity and performance. The 26TB UltraSMR HDD provides 18% more storage than previous models. Sampling for these drives is ongoing, with full-volume shipments expected in summer 2022. This innovation positions Western Digital at the forefront of storage solutions, supporting the evolving needs of large cloud service providers.