Western Digital Stock Price, News & Analysis

Western Digital Corp (NASDAQ: WDC) announced management participation in several upcoming investor conferences. Key events include the J.P. Morgan 50th Annual Global Technology, Media, and Communications Conference on May 25, 2022, at 6:20 a.m. PDT, and the Stifel 2022 Cross Sector Insight Conference on June 7, 2022, at 8:30 a.m. PDT. Additionally, the Goldman Sachs Global Semiconductor Virtual Conference and BofA Securities 2022 Global Technology Conference will take place on the same day. Live webcasts will be available on Western Digital's Investor Relations website.

Western Digital Corp. (NASDAQ: WDC) will host its 2022 Investor Day on May 10, 2022, from 8:00 a.m. to 12:15 p.m. PDT in San Francisco. CEO David Goeckeler and senior executives will discuss the company’s long-term strategy, followed by a Q&A session. A live webcast will be available. Additionally, the 'What’s Next' Media & Industry Analyst Day will occur on May 9, 2022, from 9:00 a.m. to 11:30 a.m. PDT, featuring new product introductions across its storage solutions portfolio.

Western Digital Corp. (NASDAQ: WDC) acknowledges a letter from Elliott Management, emphasizing their commitment to engaging with shareholders. The company highlights its strong market position in flash and HDD sectors and a strategy aimed at capitalizing on the growing demand for cloud storage. Western Digital aims to unlock long-term value through innovation and diverse market channels. Despite these strengths, the press release notes potential risks, including global economic conditions and competitive pressures.

Elliott Investment Management has called for a strategic review of Western Digital Corporation to evaluate the potential separation of its hard disk drive (HDD) and NAND flash businesses. With a $1 billion investment, Elliott believes a split could unlock significant value, boosting the stock price to over $100 per share by the end of 2023, suggesting a potential upside of around 100%. Despite past synergies from the SanDisk acquisition, Western Digital has underperformed financially and operationally, leading to this proposal for a focused approach.

Western Digital Corp. (WDC) reported fiscal Q3 2022 revenue of $4.38 billion, a 6% increase YoY, despite a 9% sequential decline. Cloud revenue rose 25% YoY but Client and Consumer revenues fell 2% and 8% respectively. GAAP EPS was $0.08, with Non-GAAP EPS at $1.65. Operating cash flow stood at $398 million and free cash flow at $148 million. For Q4 2022, the company expects revenue between $4.50 billion and $4.70 billion and Non-GAAP EPS guidance of $1.60 to $1.90.

Western Digital Corp. (NASDAQ: WDC) and Kioxia Corporation announce a joint investment in the Fab7 (Y7) manufacturing facility at Kioxia's Yokkaichi Plant in Japan. Initial production is set to begin in Fall 2022, marking a significant milestone in their 20-year partnership. This facility will enhance manufacturing capabilities, producing advanced 3D flash memory. The collaboration aims to leverage technological advancements and scale operations to strengthen market competitiveness in the memory sector.

Western Digital Corp. (NASDAQ: WDC) is set to announce its third quarter fiscal year 2022 financial results on April 28, 2022, after market closure. Following the announcement, the company will host an investment community conference call at 1:30 p.m. Pacific / 4:30 p.m. Eastern. The call will be accessible through a live audio webcast, with a replay available on the company's investor relations site.

Samsung Electronics and Western Digital (WDC) have signed a memorandum of understanding to standardize and promote next-generation data placement technologies. This partnership aims to create a strong ecosystem for Zoned Storage solutions, enhancing enterprise and cloud applications. Both companies will drive technology standardization and software development for improved data efficiency. This collaboration is significant as it marks the first major alignment between these tech leaders, focusing on the Unified D2PF (Data Placement, Processing, and Fabrics) framework.

Samsung Electronics and Western Digital (WDC) have signed an MOU to standardize and promote Zoned Storage technologies. The collaboration aims to create a robust ecosystem for data placement and processing technologies, focusing on enterprise and cloud applications. This partnership marks the first joint effort between the two companies to stimulate awareness and alignment in storage technology, enhancing confidence for end-users. The initiative will define high-level models for next-generation Zoned Storage and will look to expand into other data storage innovations.