Loading...
•
Dec 30, 2022
Western Digital Q2 2023 Earnings Report
Reported revenue at the high end of guidance, but experienced GAAP EPS loss due to challenging flash price environment and cloud inventory digestion.
Key Takeaways
Western Digital reported fiscal second quarter 2023 financial results with revenue at the high end of the guidance range. The company is taking actions to reset the business by optimizing cost structure and strengthening liquidity due to the post-pandemic environment.
Second quarter revenue was $3.11 billion, at the high end of the guidance range.
Second quarter GAAP earnings per share (EPS) was $(1.40) and Non-GAAP EPS was $(0.42), which includes $100 million of underutilization related charges in HDD.
Second quarter GAAP operating loss was $321 million and Non-GAAP operating loss was $119 million.
Expect fiscal third quarter 2023 revenue to be in the range of $2.60 billion to $2.80 billion.
Forward Guidance
Expect fiscal third quarter 2023 revenue to be in the range of $2.60 billion to $2.80 billion. Expect Non-GAAP EPS in the range of $(1.70) to $(1.40) which includes underutilization charges in flash and HDD totaling $250 million, with flash driven by a 30% reduction in wafer starts beginning in January.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...