Western Digital (WDC) to split HDD and Flash businesses, reports Q1 beat
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Western Digital Reports Fiscal First Quarter 2024 Financial Results
October 30, 2023 8:01 AM EDTNews Summary
First quarter revenue was $2.75 billion, up 3% sequentially (QoQ). Cloud revenue decreased 12% (QoQ), Client revenue increased 11% (QoQ) and Consumer revenue increased 14% (QoQ). First quarter GAAP earnings per share (EPS) was $(2.17) and Non-GAAP EPS was $(1.76), which includes $225 million of underutilization-related charges in Flash and HDD. Expect fiscal second quarter 2024 revenue to be in the range of $2.85 billion to $3.05 billion. Expect Non-GAAP EPS in the range of $(1.35) to $(1.05), which includes $110 to $130 million of underutilization-related charges in Flash and HDD.SAN JOSE, Calif.--(BUSINESS WIRE)-- Western Digital Corp. (Nasdaq:... More
Western Digital to Form Two Independent Public Companies Focused on Data Storage Growth in HDD and Flash Markets
October 30, 2023 8:00 AM EDTSeparation Represents Value-Accretive Next Step for Both HDD and Flash
SAN JOSE, Calif.--(BUSINESS WIRE)-- Western Digital Corp. (NASDAQ: WDC) (Western Digital or the Company) today announced its Board of Directors has unanimously approved a plan to separate its HDD and Flash businesses. Creating two independent, public companies with market-specific, strategic focus, the companys separation will better position each franchise to execute innovative technology and product development, capitalize on unique growth opportunities, extend respective leadership positions, and operate more efficiently with distinct capital structures. The transaction also provides strategic... More
