Western Digital (WDC) FY24 Q2 Earning Report Viz & MA Analysis
Western Digital Corporation is an American computer drive manufacturer and data storage company, headquartered in San Jose, California. It designs, manufactures and sells data technology products, including data storage devices, data center systems and cloud storage services.
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The Company’s broad portfolio of technology and products address multiple end markets. Cloud is comprised primarily of products for public or private cloud environments and end customers. Through the Client end market, the Company provides its original equipment manufacturer (“OEM”) and channel customers a broad array of high-performance flash and hard drive solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment, and industrial spaces. The Consumer end market is highlighted by the Company’s broad range of retail and other end-user products, which capitalize on the strength of the Company’s product brand recognition and vast points of presence around the world.
The Company’s top 10 customers accounted for 39% of its net revenue for each of the three and six months ended December 29, 2023 and 47% and 48% of its net revenue for the three and six months ended December 30, 2022, respectively. For the three and six months ended December 29, 2023 and December 30, 2022, no single customer accounted for 10% or more of the Company’s net revenue.
— 10-Q
During the quarter, revenue in the cloud end market returned to sequential growth for the first time in 6 quarters. The sequential revenue growth was led by an increase in nearline shipments. In client, sequentially, revenue declined slightly as the increase in flash ASPs was offset by a decline in bit shipments as we proactively optimized product mix. In consumer, the sequential revenue growth was led by seasonal strength in flash bit shipments into retail and an increase in flash ASPs.
— David V. Goeckeler (CEO & Director)
