Western Digital Stock Price, News & Analysis

Western Digital Corp. (NASDAQ: WDC) announced that its management will participate in the upcoming Morgan Stanley Technology, Media & Telecom Conference on March 7, 2023, at 8:35 a.m. PT / 11:35 a.m. ET. The presentation will be available as a live webcast on the company’s Investor Relations website, with an archived replay accessible shortly after the event concludes. Western Digital focuses on unlocking data potential through innovative storage solutions and has set ambitious carbon reduction targets approved by the Science Based Targets initiative. For more information, visit www.westerndigital.com.

Western Digital reported second quarter 2023 revenues of $3.11 billion, at the high end of guidance, but experienced a 17% quarter-over-quarter decline. GAAP EPS was $(1.40) and Non-GAAP EPS was $(0.42), impacted by $100 million in underutilization charges related to HDD. The company forecasts third quarter revenue between $2.60 billion and $2.80 billion with Non-GAAP EPS expected to range from $(1.70) to $(1.40). Notably, the operating loss was $321 million GAAP and $119 million Non-GAAP, reflecting ongoing challenges in the flash price environment and cloud inventory adjustments.

Western Digital (Nasdaq: WDC) announced a $900 million investment of convertible preferred stock led by Apollo Global Management, alongside Elliott Investment Management. This funding is aimed at bolstering the company's financial position and strategic flexibility as it explores long-term value optimization. The preferred stock has a conversion price of $47.75, representing a 25% premium over recent stock prices. In connection with this investment, Apollo's Reed Rayman joins Western Digital's Board of Directors, and the collaboration is expected to guide the company toward enhanced growth and shareholder value.

Western Digital Corp. (NASDAQ: WDC) will release its second quarter fiscal year 2023 financial results on January 31, 2023, after market closure. A conference call to discuss these results will be held the same day at 1:30 p.m. Pacific / 4:30 p.m. Eastern. Investors can access a live webcast and replay on the company's investor relations page.

Western Digital focuses on harnessing data through innovative storage solutions, with a commitment to ambitious carbon reduction goals aligned with the Science Based Targets initiative.

Western Digital Corp. (NASDAQ: WDC) announced its participation in several upcoming investor conferences. These include the Credit Suisse 26th Annual Technology Conference on November 29, 2022, at 8:35 a.m. PT, and the Wells Fargo 6th Annual TMT Summit on the same day at 1:50 p.m. PT. Additionally, the UBS Global TMT Conference will occur on December 6, 2022, at 11:10 a.m. PT, followed by the Barclays Global TMT Conference on December 8, 2022, at 11:00 a.m. PT. Live webcasts of these presentations will be available on the company's Investor Relations website.

Western Digital Corp. reported fiscal Q1 2023 revenue of $3.74 billion, exceeding guidance midpoints, with GAAP EPS at $0.08 and Non-GAAP EPS at $0.20. The company faced a 17% revenue decline quarter-over-quarter and a 26% year-over-year drop. Operating income declined significantly to $158 million GAAP and $307 million Non-GAAP, reflecting 72% and 56% decreases respectively. For Q2 2023, revenue guidance is $2.90 billion to $3.10 billion with Non-GAAP EPS projected between ($0.25) and $0.05.

Western Digital Corp (NASDAQ: WDC) is set to announce its first quarter fiscal year 2023 financial results before market opening on October 27, 2022. A conference call will follow at 5:30 a.m. Pacific / 8:30 a.m. Eastern to discuss these results, with a live audio webcast available on their investor relations website. The company emphasizes its commitment to innovative data storage solutions and carbon reduction goals.

Western Digital Corp. (NASDAQ: WDC) announced its management's participation in several upcoming investor conferences. Key events include the Deutsche Bank Technology Conference on August 31, 2022, the Citi Global Technology Conference on September 7, 2022, the Evercore ISI TMT Conference on September 8, 2022, and the Goldman Sachs Communacopia + Technology Conference on September 12, 2022. Live webcasts of the presentations will be available on Western Digital's Investor Relations website, with archived replays accessible shortly after each session.