Western Digital Stock Price, News & Analysis

Western Digital Corp. (NASDAQ: WDC) reported that production at its joint venture flash facilities in Yokkaichi and Kitakami returned to normal in late February 2022. However, the company anticipates a decrease in flash availability by approximately 7 exabytes, primarily impacting its fiscal third and fourth quarters. For the fiscal third quarter ending April 1, 2022, Western Digital expects GAAP revenue between $4.20 and $4.40 billion, with a gross margin of 24.0% to 26.0%. Non-GAAP diluted earnings per share are projected at $1.30 to $1.60.

Western Digital Corp. (NASDAQ: WDC) has announced its participation in two upcoming investor conferences. The first is the Susquehanna Eleventh Annual Technology Conference on March 3, 2022, at 10:00 a.m. PT. The second conference is the Morgan Stanley Technology, Media & Telecom Conference on March 10, 2022, at 2:25 p.m. PT. Both presentations will be available as live webcasts on the company's Investor Relations website, with archived replays following shortly after each event.

Western Digital specializes in data infrastructure, providing innovative solutions for a variety of data environments.

Western Digital Corp. (NASDAQ: WDC) reported contamination issues affecting production at its Yokkaichi and Kitakami flash fabrication facilities. This incident is projected to result in a loss of at least 6.5 exabytes of flash availability. The company is collaborating with its joint venture partner, Kioxia, to rectify the situation and restore normal operations promptly. Additionally, the press release includes various forward-looking statements, highlighting potential risks related to market conditions, competitive pressures, and operational disruptions.

Western Digital Corp has appointed Wissam Jabre as Executive Vice President and Chief Financial Officer, effective February 7, 2022. Jabre brings over 20 years of experience in semiconductors, previously serving as CFO at Dialog Semiconductor. CEO David Goeckeler expressed confidence in Jabre's ability to enhance financial strategy amid growing product demand. Jabre will oversee the global finance organization. The current CFO, Robert Eulau, will support the transition during an advisory period.

Western Digital Corp. (WDC) reported Q2 2022 revenue of $4.83 billion, a 23% YoY increase. Cloud revenue surged by 89%, while Client revenue fell by 1%, and Consumer revenue remained flat. The GAAP earnings per share (EPS) was $1.79, with non-GAAP EPS of $2.30, including $70 million in COVID-related expenses. The company generated operating cash flow of $666 million and reduced its gross debt to $7.40 billion. Looking ahead, WDC expects Q3 revenue of $4.45 billion to $4.65 billion, with non-GAAP EPS guidance of $1.50 to $1.80.

Western Digital Corp. (NASDAQ: WDC) will announce its second quarter fiscal year 2022 financial results after market close on January 27, 2022. A conference call for discussing these results is scheduled for 1:30 p.m. Pacific / 4:30 p.m. Eastern on the same day, with a live audio webcast available on their investor relations website.

Western Digital is a leader in data infrastructure, providing innovative solutions for capturing, preserving, and accessing data across various platforms.

Western Digital Corporation (NASDAQ: WDC) has successfully closed its public offering of $1 billion in senior unsecured notes, consisting of $500 million at 2.850% due 2029 and $500 million at 3.100% due 2032. The net proceeds, approximately $988 million, will be used to refinance existing debt and cover offering expenses. The company recently attained a second investment grade corporate rating from Fitch, reflecting strong cash flow and a commitment to debt reduction. This milestone positions Western Digital to assess future capital allocation strategies.

Western Digital Corp. (NASDAQ: WDC) informed investors about its participation in several upcoming virtual investor conferences. Key events include the 5th Annual Virtual Wells Fargo TMT Summit on November 30, 2021, the Nasdaq Investor Conference on December 1, 2021, the UBS Global TMT Virtual Conference on December 6, 2021, and the Barclays Global Technology, Media and Telecommunications Conference on December 7, 2021. Presentations will be available as live webcasts and archived on their Investor Relations website.