NASDAQ$WDC
Western Digital Corporation · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Second quarter results demonstrated significant outperformance across flash and HDD businesses.
Western Digital's second quarter revenue was $3.03 billion, up 10% sequentially. The company's financial performance met or exceeded the non-GAAP guidance ranges provided in October. GAAP EPS was $(0.87) and Non-GAAP EPS was $(0.69).
- Second quarter revenue was $3.03 billion, up 10% sequentially (QoQ).
- Cloud revenue increased 23% (QoQ).
- Client revenue decreased 2% (QoQ).
- Consumer revenue increased 15% (QoQ).
Headline financials
Revenue & EPS history
Western Digital · Revenue · Quarterly
$3.03B
Forward guidance
Expect fiscal third quarter 2024 revenue to be in the range of $3.20 billion to $3.40 billion. Expect Non-GAAP EPS in the range of $(0.10) to $0.20, which includes $30 to $40 million of underutilization-related charges in HDD.
Tailwinds
- Revenue ($B): $3.20 - $3.40
- Gross margin: 21.5% - 23.5%
- Non-GAAP Gross margin: 22.0% - 24.0%
- Operating expenses ($M): $710 - $730
- Non-GAAP Operating expenses ($M): $600 - $620
Headwinds
- Non-GAAP EPS: $(0.10) - $0.20
- Interest and other expense, net ($M): ~$95
- Income tax expense ($M): N/A
- Preferred dividend ($M): $15
- Diluted shares outstanding (in millions): ~330
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.7%
Avg return
Earnings day
-0.5%
Avg return
5 days after
+2.9%
Avg return
30 days after
51%
36 / 71 earnings
Positive
+23.6%
Q4 2012
Best reaction
-17.7%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | +1.6% | +12.7% | +28.7% | |
| Q2 2026 | -11.4% | -3.2% | +0.5% | |
| Q1 2026 | +14.4% | +15.9% | +18.2% | |
| Q3 2025 | +8.0% | +10.9% | +26.9% | |
| Q2 2025 | +4.7% | +1.6% | +3.1% | |
| Q1 2025 | +4.3% | +2.5% | -0.3% | |
| Q4 2024 | -4.2% | -9.8% | +3.8% | |
| Q3 2024 | +2.6% | +1.8% | +7.6% | |
| Q2 2024 | +0.3% | +0.2% | -3.4% | |
| Q1 2024 | +3.0% | +10.4% | +21.4% | |
| Q4 2023 | +2.0% | +3.4% | +1.2% | |
| Q3 2023 | +0.4% | -1.3% | +19.6% | |
| Q2 2023 | -2.1% | -2.2% | -13.2% | |
| Q1 2023 | +0.6% | +1.2% | +5.8% | |
| Q4 2022 | -4.7% | -4.5% | -16.5% | |
| Q3 2022 | +6.0% | +23.3% | +24.4% | |
| Q2 2022 | -8.6% | -3.7% | -3.0% | |
| Q1 2022 | -5.7% | -0.8% | +4.1% | |
| Q4 2021 | +1.4% | +2.2% | -7.2% | |
| Q3 2021 | +0.0% | -4.7% | +6.6% | |
| Q2 2021 | +6.1% | +8.9% | +28.8% | |
| Q1 2021 | -5.5% | -8.2% | +13.7% | |
| Q4 2020 | -16.7% | -16.5% | -14.7% | |
| Q3 2020 | -15.2% | -15.5% | -7.0% | |
| Q2 2020 | -1.9% | +2.5% | -16.8% | |
| Q1 2020 | -17.7% | -12.5% | -19.8% | |
| Q4 2019 | -1.9% | -6.8% | +1.2% | |
| Q3 2019 | +0.4% | -0.2% | -22.1% | |
| Q2 2019 | +14.7% | +13.1% | +31.6% | |
| Q1 2019 | -15.6% | -21.0% | -9.6% | |
| Q4 2018 | -5.9% | -7.2% | -15.6% | |
| Q3 2018 | -5.9% | -7.1% | +0.5% | |
| Q2 2018 | +3.0% | +0.1% | +2.5% | |
| Q1 2018 | -0.2% | +2.3% | +6.3% | |
| Q4 2017 | -8.6% | -7.8% | -2.9% | |
| Q3 2017 | +5.3% | +3.2% | +6.4% | |
| Q2 2017 | +3.2% | +4.2% | -1.8% | |
| Q1 2017 | +11.1% | +9.0% | +14.8% | |
| Q4 2016 | -11.1% | -15.7% | -12.2% | |
| Q3 2016 | -11.3% | — | — | |
| Q2 2016 | +9.8% | — | — | |
| Q1 2016 | +1.0% | — | — | |
| Q4 2015 | +11.2% | — | — | |
| Q3 2015 | -3.1% | — | — | |
| Q2 2015 | -1.1% | — | — | |
| Q1 2015 | +3.0% | — | — | |
| Q4 2014 | -0.9% | — | — | |
| Q3 2014 | -5.9% | — | — | |
| Q2 2014 | -2.0% | — | — | |
| Q1 2014 | +3.6% | — | — | |
| Q4 2013 | -6.3% | — | — | |
| Q3 2013 | -1.2% | — | — | |
| Q2 2013 | +0.9% | — | — | |
| Q1 2013 | -1.3% | — | — | |
| Q4 2011 | -1.8% | — | — | |
| Q4 2012 | +23.6% | — | — | |
| Q3 2012 | -12.1% | — | — | |
| Q2 2012 | +6.5% | — | — | |
| Q1 2012 | -3.6% | — | — | |
| Q3 2011 | -3.1% | — | — | |
| Q2 2011 | -2.1% | — | — | |
| Q1 2011 | -1.5% | — | — | |
| Q4 2008 | +2.2% | — | — | |
| Q4 2010 | +2.2% | — | — | |
| Q3 2009 | -2.8% | — | — | |
| Q3 2010 | -2.8% | — | — | |
| Q2 2010 | +0.6% | — | — | |
| Q1 2009 | +0.3% | — | — | |
| Q1 2010 | +0.3% | — | — | |
| Q4 2009 | +0.3% | — | — | |
| Q2 2009 | +0.3% | — | — |
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