Western Digital Reports Strong Q4 Results, Guides Q1 Above Estimates

Western Digital Corp WDC shares are down after the company reported its fourth-quarter financial results Wednesday. Here's a look at the key figures from the report. 

The Details: Western Digital reported quarterly earnings of $1.44 per share, which beat the analyst consensus estimate of $1.18 by 22.03%. The company reported quarterly sales of $3.76 billion, which beat the analyst consensus estimate of $3.747 billion and is a 40.72% increase over sales of $2.672 billion from the same period last year.

Cloud represented 50% of total revenue and the company attributed the sequential growth to higher nearline shipments and pricing in HDD, coupled with increased bit shipments and pricing in enterprise SSDs.

Client represented 32% of total revenue with the sequential increase due to the increase in flash ASPs, offsetting a decline in flash bit shipments, while HDD revenue decreased slightly. Consumer represented 18% of total revenue with the sequential decrease due to lower flash and HDD bit shipments, partially offset by higher ASPs in both flash and HDD.

Read Also: What’s Going On With SoFi Stock After Earnings?

“Our fourth quarter and fiscal year 2024 results are reflective of the diverse and innovative portfolio we have developed in alignment with our strategic roadmap,” said David Goeckeler, Western Digital CEO.

“Together, with the structural changes we have made to strengthen our operations, we are benefitting from the broad recovery we are seeing across our end markets and structurally improving through-cycle profitability for both Flash and HDD,” Goeckeler added.

Outlook: Western Digital sees first-quarter earnings in a range of $1.55 to $1.85 per share, versus the $1.18 estimate, and revenue in a range of $4 billion to $4.2 billion, versus the $3.747 billion estimate.

WDC Price Action: According to Benzinga Pro, Western Digital shares are down 4.55% after-hours at $64 after gaining 6.13% during regular trading Wednesday.

Read Next: 

• Match Group Stock Climbs On Strong Q2 Results, Hinge Revenue Up 48%

Image: Courtesy of Western Digital Corporation