Western Digital (WDC) Tops Q4 EPS by 4c, Guidance Misses Consensus
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Western Digital Reports Fiscal Fourth Quarter and Fiscal Year 2023 Financial Results
July 31, 2023 4:05 PM EDTNews Summary
Fourth quarter revenue was $2.7 billion, down 5% sequentially (QoQ). Cloud revenue decreased 18% (QoQ), Client revenue increased 6% and Consumer revenue increased 3% (QoQ). Fiscal year 2023 revenue was $12.3 billion. Fourth quarter GAAP earnings per share (EPS) was $(2.27) and Non-GAAP EPS was $(1.98), which includes $211 million of underutilization related charges in Flash and HDD. Fiscal year 2023 GAAP EPS was $(5.44) and Non-GAAP EPS was $(3.59). Expect fiscal first quarter 2024 revenue to be in the range of $2.55 billion to $2.75 billion. Expect Non-GAAP EPS in the range of $(2.10) to $(1.80) which includes $200 to $220 million of underutilization charges... More