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Mar 29, 2024
Western Digital Q3 2024 Earnings Report
Western Digital's Q3 2024 financial performance improved due to growth in cloud and client segments.
Key Takeaways
Western Digital reported a strong fiscal third quarter with revenue of $3.46 billion, up 14% sequentially. Cloud revenue increased 45% and Client revenue increased 5%, while Consumer revenue decreased by 13%. GAAP EPS was $0.34 and Non-GAAP EPS was $0.63.
Revenue reached $3.46 billion, a 14% sequential increase.
Cloud revenue grew by 45% quarter-over-quarter.
Client revenue increased by 5% sequentially.
GAAP EPS was $0.34 and Non-GAAP EPS was $0.63.
Western Digital
Western Digital
Forward Guidance
Western Digital expects fiscal fourth quarter 2024 revenue to be in the range of $3.60 billion to $3.80 billion, with Non-GAAP EPS in the range of $0.90 to $1.20.
Positive Outlook
- Revenue is expected to be between $3.60 billion and $3.80 billion.
- Gross margin is projected to be between 31.5% and 33.5% on a GAAP basis.
- Non-GAAP gross margin is expected to be between 32.0% and 34.0%.
- Operating expenses are estimated to be between $770 million and $800 million on a GAAP basis.
- Non-GAAP EPS is projected to be in the range of $0.90 to $1.20.
Challenges Ahead
- GAAP operating expenses are expected to be between $770 million and $800 million.
- Interest and other expenses are expected to be around $105 million.
- Non-GAAP income tax expense is projected to be between $30 million and $40 million.
- Diluted shares outstanding are expected to be approximately 342 million.
- Business conditions and market dynamics could impact actual results.