Western Digital (WDC) posts FQ3 earnings, revenue beat; shares down

Western Digital (NASDAQ: WDC) reported better-than-expected earnings and revenue for the fiscal Q3 2024, though shares still slipped 2% in after-hours trading.

The digital storage solutions provider reported FQ3 earnings per share (EPS) of $0.63, exceeding the consensus projection of $0.21, as the estimate was $0.21. Revenue came in at $3.46 billion, also above the expected $3.36 billion.

The non-GAAP gross margin was 29.3%, a slight improvement from 29% the previous year.

For the fourth quarter of 2024, Western Digital projects an EPS in the range of $0.90 to $1.20, which is above the consensus estimate of $0.84.

The company also expects revenue to be between $3.6 billion and $3.8 billion, compared to an analyst forecast of $3.69 billion.

“As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets,” said David Goeckeler, CEO of Western Digital.

“We are confident in our strategy and the actions we have taken to-date, which successfully position us to capitalize on the promising growth prospects that lie ahead.”

By Vahid Karaahmetovic

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