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Sep 29, 2023
Western Digital Q1 2024 Earnings Report
Western Digital's Q1 2024 financial results were reported, exceeding expectations with sequential margin improvement across flash and HDD businesses.
Key Takeaways
Western Digital reported Q1 2024 revenue of $2.75 billion, a 3% increase sequentially. GAAP EPS was $(2.17) and Non-GAAP EPS was $(1.76), which includes $225 million of underutilization-related charges. The company expects Q2 2024 revenue to be between $2.85 billion and $3.05 billion.
First quarter revenue was $2.75 billion, up 3% sequentially (QoQ).
Cloud revenue decreased 12% (QoQ), Client revenue increased 11% (QoQ) and Consumer revenue increased 14% (QoQ).
First quarter GAAP earnings per share (EPS) was $(2.17) and Non-GAAP EPS was $(1.76), which includes $225 million of underutilization-related charges in Flash and HDD.
Expect fiscal second quarter 2024 revenue to be in the range of $2.85 billion to $3.05 billion.
Forward Guidance
Western Digital expects fiscal second quarter 2024 revenue to be in the range of $2.85 billion to $3.05 billion and Non-GAAP EPS in the range of $(1.35) to $(1.05), which includes $110 to $130 million of underutilization-related charges in Flash and HDD.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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