Western Digital introduces impressive financial results for Q4 and FY 2024.

Western Digital Corp. recently released its fiscal fourth quarter and fiscal year 2024 financial results, and it’s safe to say that the company is feeling pretty good about its performance. According to Western Digital CEO David Goeckeler, these results are a testament to the company’s innovative portfolio and strategic roadmap.

But what exactly do these financial results mean? Well, let’s break it down. In the fourth quarter, Western Digital saw a revenue of $3.76 billion, which is a 9% increase compared to the previous quarter. This growth was driven by a 21% increase in cloud revenue, a 3% increase in client revenue, and a 7% decrease in consumer revenue. Overall, Western Digital’s revenue for fiscal year 2024 amounted to $13.00 billion.

When it comes to earnings per share (EPS), Western Digital reported a GAAP EPS of $0.88 and a non-GAAP EPS of $1.44 for the fourth quarter. For the entire fiscal year, the company had a GAAP EPS of $(1.72) and a non-GAAP EPS of $(0.20). Looking ahead to the first quarter of fiscal year 2025, Western Digital expects its revenue to be between $4.00 billion and $4.20 billion, with a non-GAAP EPS ranging from $1.55 to $1.85.

In terms of cash flow, Western Digital had an operating cash inflow of $366 million in the fourth quarter and ended the quarter with a total of $1.88 billion in cash and cash equivalents. These numbers highlight the company’s strong financial position.

Now, let’s take a closer look at how Western Digital’s different segments performed. In the fourth quarter, cloud revenue accounted for 50% of the company’s total revenue. This growth can be attributed to higher shipments and pricing in hard disk drives (HDDs) and enterprise solid-state drives (SSDs). On the other hand, client revenue represented 32% of total revenue, with an increase in flash average selling prices offsetting a decline in flash bit shipments. Lastly, consumer revenue made up 18% of total revenue, with lower flash and HDD bit shipments partially offset by higher average selling prices.

Looking at the fiscal year 2024 as a whole, cloud revenue accounted for 41% of total revenue, driven by increased demand for capacity enterprise HDDs and improved pricing. Client revenue represented 36% of total revenue, thanks to higher flash bit shipments. Lastly, consumer revenue made up 23% of total revenue, with higher flash bit shipments contributing to the increase.

Western Digital’s financial results reflect the company’s ability to adapt to the changing landscape of the industry. As the AI Data Cycle continues to shape the future, Western Digital is well-positioned to meet the growing demand for storage and capitalize on new opportunities for growth. With its technology leadership and commitment to delivering value to customers, Western Digital is set to continue stirring up the tech world.

To delve deeper into Western Digital’s financial results, you can check out the company’s earnings presentation, which is available online. It’s clear that Western Digital is on the right track, and we can’t wait to see what they have in store for the future.

Background Information

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About Western Digital:

Western Digital, established in 1970, is a important data storage solutions provider known for its wide range of hard drives and solid-state drives. Catering to various applications, from personal computers to enterprise storage systems, Western Digital emphasizes data management and security. With a reputation for reliability and innovative solutions, the company has been pivotal in shaping the storage industry. Their products are trusted by individuals, businesses, and data centers worldwide

  

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Technology Explained

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HDD: A Hard Disk Drive (HDD) is a classic data storage device that utilizes spinning disks, or platters, coated with a magnetic material to store and retrieve data. An actuator arm with read/write heads accesses data by moving over the spinning platters. HDDs offer large storage capacities at a comparatively lower cost per gigabyte, making them suitable for applications where massive data storage is required, such as servers and desktop computers. However, HDDs are slower in terms of read and write speeds compared to SSDs due to the mechanical nature of their operation. They are more susceptible to physical shocks and are less energy-efficient due to the need to constantly spin the platters.

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