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Dec 29, 2023
Western Digital Q2 2024 Earnings Report
Second quarter results demonstrated significant outperformance across flash and HDD businesses.
Key Takeaways
Western Digital's second quarter revenue was $3.03 billion, up 10% sequentially. The company's financial performance met or exceeded the non-GAAP guidance ranges provided in October. GAAP EPS was $(0.87) and Non-GAAP EPS was $(0.69).
Second quarter revenue was $3.03 billion, up 10% sequentially (QoQ).
Cloud revenue increased 23% (QoQ).
Client revenue decreased 2% (QoQ).
Consumer revenue increased 15% (QoQ).
Forward Guidance
Expect fiscal third quarter 2024 revenue to be in the range of $3.20 billion to $3.40 billion. Expect Non-GAAP EPS in the range of $(0.10) to $0.20, which includes $30 to $40 million of underutilization-related charges in HDD.
Positive Outlook
- Revenue ($B): $3.20 - $3.40
- Gross margin: 21.5% - 23.5%
- Non-GAAP Gross margin: 22.0% - 24.0%
- Operating expenses ($M): $710 - $730
- Non-GAAP Operating expenses ($M): $600 - $620
Challenges Ahead
- Non-GAAP EPS: $(0.10) - $0.20
- Interest and other expense, net ($M): ~$95
- Income tax expense ($M): N/A
- Preferred dividend ($M): $15
- Diluted shares outstanding (in millions): ~330
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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