Western Digital (WDC) to split HDD and Flash businesses, reports Q1 beat

Western Digital to split flash memory unit, refinance debt

October 30, 2023 8:07 AM EDT

By Samrhitha A and Aditya Soni

(Reuters) -Western Digital said on Monday it would spin off its flash memory business that has been grappling with a supply glut after talks of merging the unit with Japan's Kioxia stalled, and also announced a fresh capital raise to refinance some of its debt.

The split will leave the data storage products maker with its traditional hard-disk drive business and create two publicly traded firms, giving into demands from activist investor Elliott, which said on Monday it supports the move.

Western Digital shares closed 7.3% higher at $41.80 on the... More

Western Digital (WDC) Tops Q1 EPS by 15c

October 30, 2023 8:05 AM EDT

Western Digital (NASDAQ: WDC) reported Q1 EPS of ($1.76), $0.15 better than the analyst estimate of ($1.91). Revenue for the quarter came in at $2.75 billion versus the consensus estimate of $2.66 billion.

GUIDANCE:

Western Digital sees Q2 2024 EPS of ($1.35)-($1.05), versus the consensus of ($1.39).... More

Western Digital (WDC) to Form Two Independent Public Companies Focused on Data Storage Growth in HDD and Flash Markets

October 30, 2023 8:00 AM EDT

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 optionality for both businesses. The separation is intended to be structured in a tax-free manner and is targeted for the second half... More

Western Digital (WDC) and Kioxia end semiconductor memory merger talks - Nikkei

October 26, 2023 11:22 AM EDT

Western Digital's (NASDAQ: WDC) semiconductor memory business and Kioxia's merger talks have ended, Nikkei Asia reported it had learned Thursday.

Western Digital shares have plunged more than 11% following the news, trading just above the $37 per share mark.

The... More

Western Digital (WDC) and Kioxia Scrap Memory Merger Talks - Nikkei

October 26, 2023 10:18 AM EDT

(Updated - October 26, 2023 10:20 AM EDT)

Western Digital (NASDAQ: WDC) and Kioxia Scrap Memory Merger Talks - Nikkei

Companies fail to bring SK Hynix and Bain on board with planNegotiations to merge Western Digital's semiconductor memory business and Japan's Kioxia Holdings have been terminate... More

Western Digital (WDC) sinks as Kioxia merger said 'scrapped'

October 26, 2023 9:47 AM EDT

(Updated - October 26, 2023 10:34 AM EDT)

Shares of Western Digital (NASDAQ: WDC) shares plunged intra-day Thursday following reports from Nikkei indicating that the company's proposed merger with Kioxia had been scrapped after it couldn't gain approval from large shareholders SK Hynix and Bain... More