Western Digital revenues top $4.2bn up 14%
Western Digital reports revenues of $4.2 billion for its fiscal third quarter of 2020, up 14% for the same period in 2019.
Specifically, Data Centre Devices and Solutions revenue grew 22%, Client Devices grew 13%, and Client Solutions grew 2% year-on-year.
Earnings per share (EPS) for the quarter came in at GAAP EPS was $0.06 and non-GAAP EPS was $0.85, with fourth quarter non-GAAP EPS expected to be in the range of $1.00 to $1.40 due to impact of Covid-19.
The fourth quarter revenue is also expected to be in the range of $4.25 to $4.45 billion.
“I joined Western Digital a little over a month ago because I have strong conviction in the digital transformation that is reshaping every industry, every company and how all of us live our daily lives,” said David Goeckeler (pictured), CEO at Western Digital.
Time is precious, but news has no time. Sign up today to receive daily free updates in your email box from the Data Economy Newsroom.
“While I couldn’t have anticipated the unprecedented series of events that have transpired, I’m very proud of how the company has responded to an extremely dynamic environment with dedicated focus both on our employees’ safety as well as delivering our market leading technology to our customers.”
“As the only company in the world to provide a broad array of NAND flash, Solid State Drives and Hard Disk Drives solutions, I’m confident our innovation will drive significant new value for customers around the world.”
Looking ahead, the company says that it is suspending its dividend to strengthen its reinvestment in growth and innovation and to support its ongoing deleveraging efforts.
The company’s revenues in hard drives as down due to normal seasonality and the shift towards notebook solutions as well as the fact that smart video hard drive demand was softer than expected as a result of Covid-19.
This was also true of the company’s retail operations as Covid-19 caused a decline in demand from traditional brick and mortar retailers as they started to temporarily close their stores.
Conversely, demand notebook solutions was greater than expected due to the shift to working from home and e-learning.
Read the latest from the Data Economy Newsroom:
- MainOne begins construction on data centre in Ghana’s Appolonia City
- Park Place Technologies expands leadership team with appointment of CFO and CRO
- European Data Centres: FLAP markets on track to record 200MW of colocation take-up for the second consecutive year
- The Digital Digest, Ep 5 – 29 May 2020
- Beyond.pl announces third CEO change in less than a year