Summary
Western Digital Corporation (WDC) has filed an 8-K report on January 15, 2025, providing preliminary financial results for its second fiscal quarter ended December 27, 2024. The company anticipates revenue to be at the mid-point of its previously issued guidance range of $4.20 billion to $4.40 billion. However, non-GAAP diluted earnings per share (EPS) are expected to be at the lower end of the previously guided range of $1.75 to $2.05. This is attributed to a more challenging pricing environment within the company's flash business. In addition to the financial update, the report also discloses the departure of Wissam Jabre, the Executive Vice President and Chief Financial Officer. Mr. Jabre will resign from his role effective February 28, 2025, coinciding with the company's anticipated completion of the separation of its HDD and Flash businesses. The company is actively searching for a new CFO for its HDD business post-separation.
Key Highlights
- 1Second fiscal quarter revenue expected to be around $4.30 billion (mid-point of $4.20B-$4.40B guidance).
- 2Non-GAAP diluted EPS projected at the lower end of the $1.75-$2.05 guidance range.
- 3Challenging pricing environment in the flash business is impacting profitability.
- 4CFO Wissam Jabre will resign from the company effective February 28, 2025.
- 5Jabre's departure is linked to the anticipated completion of the HDD and Flash business separation.
- 6Company is initiating a search for a new CFO for the hard disk drive business post-separation.