Western Digital Corp. (Nasdaq: WDC) has released its financial results for the fiscal fourth quarter and the fiscal year ending June 30, 2024. The company reported a fourth-quarter revenue of $3.76 billion, a 9% sequential increase. This growth was driven by a 21% increase in cloud revenue and a 3% rise in client revenue, although consumer revenue saw a 7% decline. For the full fiscal year, the company’s revenue totaled $13.00 billion.
Fourth-quarter GAAP earnings per share (EPS) were $0.88, with non-GAAP EPS at $1.44. For the fiscal year, GAAP EPS was $(1.72), while non-GAAP EPS was $(0.20). Western Digital’s outlook for the first quarter of fiscal 2025 projects revenue between $4.00 billion and $4.20 billion, with non-GAAP EPS expected to range from $1.55 to $1.85.
CEO David Goeckeler commented on the results, highlighting the company’s diverse and innovative portfolio as key to navigating market recovery and improving profitability. He emphasized the impact of the AI Data Cycle, which is expected to drive significant demand for storage solutions, positioning Western Digital to capitalize on these growth opportunities.
Financial highlights for Q4 2024 include a gross margin increase to 35.9% from 29.0% in Q3 2024, and operating income rising by 86% to $507 million. The company ended the quarter with an operating cash inflow of $366 million and $1.88 billion in total cash and cash equivalents. For the fiscal year, Western Digital’s revenue increased by 6% year-over-year, with gross margins improving by 7.3 percentage points.
For more details, refer to Western Digital’s official press release.
