Western Digital TodayWDCWestern Digital$62.88 -2.71 (-4.13%) 52-Week Range$35.62▼$81.55Price Target$84.18Add to WatchlistAs a leading provider of data storage solutions, Western Digital Co. NASDAQ: WDC stands at the forefront as a key benefactor of the artificial intelligence (AI) data cycle. AI requires processing power from GPUs, low latency networking from optical controllers, and massive storage capacity and performance for processing, analyzing, generating, and storing oceans of data. The latter is whe ...

It has been about a month since the last earnings report for Western Digital (WDC) . Shares have added about 4.1% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Western Digital due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Western Digital Q4 Earnings Beat Estimat ...

Western Digital Corporation's (WDC) latest investment of 23.5 billion baht ($693 million) to expand its manufacturing capabilities in Thailand has been approved by the nation’s Board of Investment (“BOI”), according to a Reuters report. Per the report, BOI added that the investment is expected to contribute an additional 200 billion baht per year in exports. In addition to the economic benefits, the expansion is likely to generate 10,000 new job opportunities, adding to the robust 28,000 workforce that West ...

Core Viewpoint - Western Digital Corporation is planning to spin off its Flash memory business in H2 2024, with the intention to merge this segment with Kioxia to form a new company, aiming to streamline operations and improve profitability [2][6]. Company Structure After Spin-off - The spin-off is driven by supply-demand imbalances and the need for tailored business strategies for both segments [5][6]. - Western Digital will own 50.1% and Kioxia will own 49.9% of the new company formed from the merger of the Flash segments [5]. Market Growth Outlook - The HDD market is projected to grow at a 19% CAGR, driven by increasing capacity needs from cloud data centers, while the NAND Flash market is expected to grow at a lower 11% CAGR [9]. - Western Digital's exposure to the cloud market is significant, with 76% of HDD revenue coming from this sector, compared to only 8% for Flash [9]. Profitability Analysis - The gross margins for HDD are generally higher than those for Flash, with HDD margins improving to 27% in Q3 FY2024 YTD, while Flash margins were at 9% [12]. - The spin-off is expected to enhance overall profitability margins for Western Digital due to the higher margins associated with the HDD segment [12]. Revenue Breakdown - Flash revenues have declined from $10.7 billion in 2018 to $6.1 billion in 2023, while HDD revenues decreased from $9.9 billion to $6.3 billion in the same period [8]. - For Q3 2024 YTD, Flash revenues increased by 5% due to higher average selling prices (ASP) and increased bit shipments, while HDD revenues declined by 13% [8]. Market Positioning - Western Digital maintains a strong market position in the HDD segment with a market share of approximately 37% from 2019 to 2023, while its NAND market share averaged around 15% [8]. - The partnership with Kioxia through Flash Ventures allows Western Digital to secure additional wafer supply, benefiting both companies [8].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 28, 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) Delaware 33-0956711 (State or other jurisdiction o ...

Investment Rating - The report provides a positive outlook for Western Digital Corporation (WDC), indicating a strong performance in FY24Q4 with revenue exceeding guidance and significant year-over-year growth [1][4][19]. Core Insights - The company achieved revenue of $3.764 billion in FY24Q4, representing a 41% year-over-year increase and a 9% quarter-over-quarter increase. Non-GAAP gross margin improved to 36.3%, up 32.4 percentage points year-over-year [1][4][19]. - The report highlights the successful diversification and innovation in product offerings, benefiting from a broad recovery in end markets, leading to structural improvements in profitability for both Flash and HDD segments [1][4][19]. - The company anticipates Q3 FY2025 revenue guidance of $4.0 to $4.2 billion, with a non-GAAP gross margin forecast of 37% to 39% [19][28]. Summary by Relevant Sections Overall Performance - In FY24Q2, the company reported revenue of $3.764 billion, exceeding guidance, with a non-GAAP gross margin of 36.3%, significantly higher than previous periods [1][4][19]. - Non-GAAP net income reached $504 million, a substantial recovery from a loss of $640 million in the same quarter last year [1][4][19]. Inventory - The inventory turnover days increased to 126 days, with total inventory valued at $3.3 billion, reflecting a balance between declining HDD inventory and increasing Flash inventory [8][28]. Capital Expenditure (CAPEX) - Cash capital expenditures for FY24Q2 were $84 million, with total capital expenditures for the fiscal year amounting to $244 million, a 69% decrease year-over-year [9][28]. Revenue by End Market - Cloud services generated $1.882 billion, accounting for 50% of total revenue, with a 21% quarter-over-quarter increase and an 89% year-over-year increase [10][13]. - Client business revenue was $1.204 billion, representing 32% of total revenue, with a 3% quarter-over-quarter increase and a 16% year-over-year increase [11][13]. - Consumer business revenue was $678 million, making up 18% of total revenue, with a 7% quarter-over-quarter decrease but a 5% year-over-year increase [12][13]. Revenue by Product - Flash product revenue was approximately $1.761 billion, showing a 3.28% quarter-over-quarter increase and a 27.88% year-over-year increase [14][15]. - Hard drive product revenue was approximately $2.003 billion, reflecting a 14.33% quarter-over-quarter increase and a 54.67% year-over-year increase [15][17]. Business Progress - The SSD business saw a 50% increase in EB growth for new QLC-based client SSD products, with significant performance improvements over previous generations [18][24]. - The HDD segment benefited from strong nearline demand and improved pricing, with the company maintaining a leadership position in SMR technology [18][24]. Q3 Performance Guidance - The company expects Q3 FY2025 revenue to be between $4.0 billion and $4.2 billion, with a non-GAAP gross margin of 37% to 39% and non-GAAP EPS guidance of $1.55 to $1.85 [19][28].

Western Digital Corp (NASDAQ:WDC) stock is sliding today, down 9.5% at $60.70 at last glance, after the computer hardware name's fiscal fourth-quarter revenue miss and disappointing guidance. The company reported better-than-expected earnings of $1.44 per share, however, much better than the losses of $1.99 per share from the same quarter a year ago. Should these losses hold, WDC will mark its worst single-session percentage drop since December 2022. The negative price action has the stock hitting its lowes ...

Western Digital Corporation (WDC) reported fourth-quarter fiscal 2024 non-GAAP earnings of $1.44 per share, surpassing the Zacks Consensus Estimate by 14.3%. The company reported a loss of $1.99 per share in the prior-year quarter.For fiscal 2024, WDC reported a net loss of 20 cents per share, down 94% year over year.The company's diverse and innovative portfolio aligns well with its strategic roadmap, and the structural change implementations have strengthened operational efficiency, highlighted WDC.Revenu ...

Western Digital Corporation (NASDAQ:WDC) Q4 2024 Earnings Conference Call July 31, 2024 4:30 PM ET Company Participants Peter Andrew - Vice President of Financial Planning and Analyst and Investor Relations David Goeckeler - Chief Executive Officer Wissam Jabre - Executive Vice President & Chief Financial Officer Conference Call Participants C.J. Muse - Cantor Fitzgerald Joe Moore - Morgan Stanley Grant Joslin - UBS Aaron Rakers - Wells Fargo Karl Ackerman - BNP Paribas Amit Daryanani - Evercore Vijay Rakes ...

Western Digital (WDC) reported $3.76 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 40.9%. EPS of $1.44 for the same period compares to -$1.98 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $3.77 billion, representing a surprise of -0.18%. The company delivered an EPS surprise of +14.29%, with the consensus EPS estimate being $1.26.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...