NASDAQ$WDC
Western Digital Corporation · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Western Digital's Q3 2024 financial performance improved due to growth in cloud and client segments.
Western Digital reported a strong fiscal third quarter with revenue of $3.46 billion, up 14% sequentially. Cloud revenue increased 45% and Client revenue increased 5%, while Consumer revenue decreased by 13%. GAAP EPS was $0.34 and Non-GAAP EPS was $0.63.
- Revenue reached $3.46 billion, a 14% sequential increase.
- Cloud revenue grew by 45% quarter-over-quarter.
- Client revenue increased by 5% sequentially.
- GAAP EPS was $0.34 and Non-GAAP EPS was $0.63.
Headline financials
Revenue & EPS history
Western Digital · Revenue · Quarterly
$3.46B
Forward guidance
Western Digital expects fiscal fourth quarter 2024 revenue to be in the range of $3.60 billion to $3.80 billion, with Non-GAAP EPS in the range of $0.90 to $1.20.
Tailwinds
- Revenue is expected to be between $3.60 billion and $3.80 billion.
- Gross margin is projected to be between 31.5% and 33.5% on a GAAP basis.
- Non-GAAP gross margin is expected to be between 32.0% and 34.0%.
- Operating expenses are estimated to be between $770 million and $800 million on a GAAP basis.
- Non-GAAP EPS is projected to be in the range of $0.90 to $1.20.
Headwinds
- GAAP operating expenses are expected to be between $770 million and $800 million.
- Interest and other expenses are expected to be around $105 million.
- Non-GAAP income tax expense is projected to be between $30 million and $40 million.
- Diluted shares outstanding are expected to be approximately 342 million.
- Business conditions and market dynamics could impact actual results.
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 Q3 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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