JHVEPhoto In this analysis, we covered Western Digital Corporation (NASDAQ:WDC) following the announcement of the pending spin-off of its Flash memory business in H2 2024. In this analysis, we analyzed its planned spin-off. We examined the rationale for the planned spin-off of its Flash memory business as well as the ownership structure of the new firm in relation to the reported merger talks between WDC and Kioxia. Moreover, we analyzed the HDD and Flash memory market growth outlook and the company's marke ...

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 ...

Western Digital Reports Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results News Summary Exhibit 99.1 SAN JOSE, Calif., — July 31, 2024 — Western Digital Corp. (Nasdaq: WDC) today reported fiscal fourth quarter and fiscal year 2024 financial results. "Our fourth quarter and fiscal year 2024 results are reflective of the diverse and innovative portfolio we have developed in alignment with our strategic roadmap. Together, with the structural changes we have made to strengthen our operations, we are b ...

Western Digital Corp. (WDC) , a leading developer and manufacturer of data storage devices and solutions based on NAND flash and hard disk drive technologies, is set to report fourth-quarter fiscal 2024 results today after the closing bell. The stock price of Western Digital has surged 21.3% year to date, surpassing S&P 500’s rally of 14.7%. The stock has an Earnings ESP of +31.75% and sports a Zacks Rank #1 (Strong Buy).  You can see the complete list of today’s Zacks #1 Rank stocks here.Our research shows ...

Western Digital Corporation (WDC) is scheduled to report fiscal fourth-quarter 2024 results on Jul 31.For the to-be-reported quarter, management projects non-GAAP earnings per share in the range of 90 cents to $1.20. The Zacks Consensus Estimate is pegged at earnings of $1.26 per share. WDC reported a loss per share of $1.98 in the prior-year quarter.Western Digital expects non-GAAP revenues in the range of $3.6-$3.8 billion. The consensus estimate is currently pegged at $3.77 billion, indicating an increas ...