Summary by Moomoo AI
Western Digital Corporation reported fiscal year 2024 revenue of $13.0 billion, up 6% year-over-year, driven by improved supply-demand balance and increased exabytes sold. Flash revenue grew 10% to $6.7 billion while HDD revenue remained flat at $6.3 billion. However, the company recorded a net loss of $798 million compared to a $1.7 billion loss in FY2023, with gross margin improving to 22.6% from 15.3%.The company announced plans to separate its HDD and Flash business units into two independent public companies by the end of calendar year 2024, aiming to better position each unit for growth and innovation. During the year, Western Digital issued $1.6 billion in convertible notes, completed a sale-leaseback of its Milpitas facility for $191 million, and reached a final agreement with the IRS regarding tax matters...Show More
