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Mar 31, 2023
Western Digital Q3 2023 Earnings Report
Reported revenue at the high end of guidance with Non-GAAP gross margin also near the top of its expected range due to strong performance in both HDD and Flash businesses.
Key Takeaways
Western Digital reported Q3 2023 financial results, with revenue at $2.8 billion, GAAP EPS of $(1.82), and Non-GAAP EPS of $(1.37). The company expects Q4 2023 revenue to be between $2.40 billion and $2.60 billion.
Third quarter revenue was $2.8 billion, at the high end of the guidance range.
Third quarter GAAP earnings per share (EPS) was $(1.82) and Non-GAAP EPS was $(1.37), which includes $200 million of underutilization related charges in Flash and HDD.
Third quarter GAAP operating loss was $472 million and Non-GAAP operating loss was $304 million.
Expect fiscal fourth quarter 2023 revenue to be in the range of $2.40 billion to $2.60 billion.
Forward Guidance
Western Digital expects fiscal fourth quarter 2023 revenue to be in the range of $2.40 billion to $2.60 billion and Non-GAAP EPS in the range of $(2.20) to $(1.90).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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