Western Digital Inc. (NASDAQ: WDC) stock gained by 3.24% at the last close whereas the WDC stock price declines by 10.30% in the after-hours trading session. Western Digital, a data infrastructure provider, provides ecosystems in which data can thrive. The organization is driving the innovation required to assist clients in capturing, preserving, accessing, analyzing, and transforming a growing variety of data.
WDC stock’ Financial Highlights
Western Digital announced its financial outcomes for the first quarter of fiscal 2022. The highlights are given below:
- Revenue in the first quarter of fiscal 2022 was $5.1 billion, growing 29% year over year (YoY). However, the revenue generated from the cloud rose by 72% and from clients, the revenue surged by 6%. The consumer revenue increased by 10% y-o-y. Due to supply problems, as well as uneven geographic demand due to COVID lockdowns, sales from both the flash and hard drive business segments dropped sequentially in Consumer.
- GAAP earnings per share (EPS) were $1.93 in the first quarter, while non-GAAP EPS were $2.49. COVID-related expenses totaled $56 million in non-GAAP EPS.
- The company calculated its operating cash flow was $521 million while the free cash flow for the first quarter of fiscal 2022 was $224 million.
- And lastly, the repaid remaining Term-Loan B balance on October 22, 2021, was $943 million.
David Goeckeler, Western Digital CEO commented,
Despite major COVID effects and supply chain issues, powerful demand across diverse end markets, especially for their cloud products, mixed with Western Digital’s strong innovation engine, wide routes to market, and enhanced execution, they were able to achieve strong results within their guidance range. While these setbacks are temporary, Western Digital’s long-term prospects remain unaffected as the world’s digital transformation accelerates. They think that the move to the cloud, as well as the need for storage options in the client and consumer markets, will remain to provide Western Digital and their customers with significant opportunities.
Future Outlook
- The company is expecting its revenue to be between $4.70 billion to $4.90 billion for the second quarter of fiscal 2022.
- And the non-GAAP EPS will be around $1.95 to $2.25 for the second quarter of fiscal 2022.
