Western Digital (WDC) Shares Dropped 10% Despite Q2 Beat

Western Digital Announces CFO Transition

January 27, 2022 4:03 PM EST

Company Names Wissam Jabre as Executive Vice President and Chief Financial Officer

SAN JOSE, Calif.--(BUSINESS WIRE)-- Western Digital Corp. (Nasdaq: WDC) (Western Digital or the Company) today announced that Wissam Jabre will assume the role of Western Digitals Executive Vice President and Chief Financial Officer effective the week of February 7, 2022. With over 20 years of experience in semiconductors and operations, Jabre was most recently Chief Financial Officer at Dialog Semiconductor.

Were thrilled for Wissam to join the Western Digital team. Not only is he a deeply experienced financial executive with... More

Western Digital Reports Fiscal Second Quarter 2022 Financial Results

January 27, 2022 4:01 PM EST

News Summary

Second quarter revenue was $4.83 billion, up 23% year-over-year (YoY). Cloud revenue increased by 89%, Client revenue declined by 1%, and Consumer revenue remained flat YoY. Second quarter GAAP earnings per share (EPS) was $1.79 and non-GAAP EPS was $2.30. Non-GAAP EPS included $70 million in COVID-related expenses. Generated operating cash flow of $666 million and free cash flow of $407 million. Completed debt refinancing transaction and reduced gross debt balance to $7.40 billion. Expect fiscal third quarter 2022 revenue to be in the range of $4.45 billion to $4.65 billion with non-GAAP EPS in the range of $1.50 to... More