January 31, 2023 — Western Digital Corp. (Nasdaq: WDC) today reported fiscal second quarter 2023 financial results.
Western Digital (NASDAQ: WDC) Revenue for Q2 2023 was $3.11 billion, down 35.71% year-over-year。
reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.34), RTT News reports. Western Digital had a positive return on equity of 5.78% and a negative net margin of 0.59%. The business had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $2.97 billion.
Fiscal Second Quarter 2023 Financial Results
Second quarter revenue was $3.11 billion, at the high end of the guidance range.
Second quarter GAAP earnings per share (EPS) was $(1.40) and Non-GAAP EPS was $(0.42), which includes $100 million of underutilization related charges in HDD.
Second quarter GAAP operating loss was $321 million and Non-GAAP operating loss was $119 million.
Expect fiscal third quarter 2023 revenue to be in the range of $2.60 billion to $2.80 billion.
Expect Non-GAAP EPS in the range of $(1.70) to $(1.40) which includes underutilization charges in flash and HDD totaling $250 million, with flash driven by a 30% reduction in wafer starts beginning in January.
End Market Summary
Cloud represented 39% of total revenue. Sequentially, declines in both capacity enterprise drives sold to Cloud customers and smart video customers were partly offset by an increase in flash shipments. The year-over-year decline was primarily due to inventory digestion in hard drives.
Client represented 35% of total revenue. Sequentially, the decline was driven by pricing pressure across our flash products, which was partly offset by an increase in hard drive shipments. The year-over-year decline was also due to pricing pressure in flash as well as lower client SSD shipments for PC applications.
