Western Digital Reports Fiscal Third Quarter 2023 Financial Results

[btarunr]

Western Digital Corp. (Nasdaq: WDC) today reported fiscal third quarter 2023 financial results. "Over the last several years, our team has focused on enhancing business agility and delivering a range of innovative, industry-leading products that address the increasing data storage demands of our customers," said David Goeckeler, Western Digital CEO. "The groundwork we laid, combined with the actions we have taken since the beginning of this fiscal year to right-size and refocus our businesses, have enabled us to navigate a dynamic environment. I am pleased that we delivered non-GAAP gross margin at the higher end of our guidance range due to strong execution across both our HDD and Flash businesses."



Summary

• Third quarter revenue was $2.8 billion, at the high end of the guidance range.
• Third quarter GAAP earnings per share (EPS) was $(1.82) and Non-GAAP EPS was $(1.37), which includes $200 million of underutilization related charges in Flash and HDD.
• Third quarter GAAP operating loss was $472 million and Non-GAAP operating loss was $304 million.
• Expect fiscal fourth quarter 2023 revenue to be in the range of $2.40 billion to $2.60 billion.
• Expect Non-GAAP EPS in the range of $(2.20) to $(1.90) which includes $220 to $240 million of underutilization charges in Flash and HDD.

The company had an operating cash outflow of $381 million and ended the quarter with $2.22 billion of total cash and cash equivalents.

Additional details can be found within the company's earnings presentation, which is accessible online at investor.wdc.com.

View at TechPowerUp Main Site

 

[Bwaze]

Very carefully worded not to include any comparison to revenues and profits in the past. Brilliant.

 

[Wirko]

Very carefully worded not to include any comparison to revenues and profits in the past. Brilliant.

One word they couldn't avoid is loss. GAAP probably doesn't allow to declare it as profit in parentheses, hah.

And it's a shame they don't break down the numbers for SSDs vs HDDs, or mention bit growth. For the previous Q, there's some info here:

Western Digital revenue misery continues – Blocks and Files

Western Digital has reported a drop in revenue of 36 percent annually for the second FY23 quarter, surpassing its Q1 fall of 26 percent.

blocksandfiles.com