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Western Digital Outlook 'Uglier Than Expected'

By Sam Boughedda Western Digital (NASDAQ:WDC) shares hit a low of $45.04 on Friday after the company posted fiscal fourth-quarter earnings missing revenue expectations. The...
Western Digital Outlook 'Uglier Than Expected' © Reuters Western Digital (WDC) Outlook 'Uglier Than Expected'

By Sam Boughedda

Western Digital (NASDAQ:WDC) shares hit a low of $45.04 on Friday after the company posted fiscal fourth-quarter earnings missing revenue expectations.

The computer hard disk drive manufacturer reported earnings of $1.78 per share, $0.04 better than the analyst estimate of $1.74. However, revenue for the quarter came in at $4.53 billion versus the consensus estimate of $4.58 billion.

Overall, revenue declined 8% year-over-year. Cloud revenue increased 5%, client revenue declined 14%, and consumer revenue declined 23% year-over-year.

"I am proud of our team for driving strong fiscal year 2022 performance, during which revenue grew 11% and non-GAAP EPS increased 81%, demonstrating progress in unlocking the earnings potential of our business," said David Goeckeler, Western Digital CEO.

While the company missed revenue estimates, it was its guidance that disappointed investors, with fiscal first quarter 2023 EPS expected to be between $0.35 and $0.65, versus the consensus of $1.96. In addition, Western Digital sees revenue for the period between $3.6 Billion and $3.8 billion, versus the consensus of $4.74 billion

Following the announcement, a Rosenblatt Securities analyst maintained a Neutral rating on the stock but lowered the firm's price target to $45 from $60 per share.

"Following an in-line June quarter, management pointed to a sudden drop-off in orders as PC, smartphone and retail customers made plans to reduce inventory. This led to management’s guidance missing consensus estimates by a very wide margin. This is hopefully a steep inventory adjustment and demand can resume in the out quarters. The lingering problem, in our view, will be that once NAND Flash ASPs are brought down much faster than cost reduction, it takes many quarters before gross margins can recover, particularly during an over supplied market. We are modeling a gradual demand recovery though maintaining our Hold rating on the WDC shares," said the analyst.

Elsewhere, a Stifel analyst, who has a Buy rating on the stock, said the near-term outlook was "uglier than expected."

"On Friday morning, Western Digital (WDC, Buy, $49.91) reported 4Q22 (June) earnings results of $4.53 billion in revenue and pro forma EPS of $1.78, excluding options, slightly below our revenue forecast of $4.6 billion but above our pro forma EPS forecast of $1.74. We believe the results are quite impressive, given the changing market environment that evolved during the quarter. In particular, the company delivered solid gross margins (32.3% pro forma, above our expectation of 31.9%), which helped deliver the modest upside to EPS."

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12-08-2022 17:07:29 (UTC+7)

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 EUR/USD1.0297↑ Sell
 GBP/USD1.2143↑ Sell
 USD/JPY133.40↑ Sell
 AUD/USD0.7104↑ Sell
 USD/CAD1.2763↑ Buy
 EUR/JPY137.35↑ Sell
 EUR/CHF0.9707Neutral
 Gold1,802.25↑ Sell
 Silver20.238↑ Sell
 Copper3.6730↑ Sell
 Crude Oil WTI94.41↑ Sell
 Brent Oil99.97↑ Sell
 Natural Gas8.659↑ Sell
 US Coffee C222.38↑ Sell
 Euro Stoxx 503,772.25↑ Sell
 S&P 5004,207.27Buy
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 Hang Seng20,175.62↑ Buy
 Small Cap 20001,975.26↑ Buy
 IBEX 358,439.18↑ Sell
 BASF44.215↑ Buy
 Bayer53.67↑ Buy
 Allianz181.49↑ Buy
 Adidas171.67↑ Buy
 Lufthansa6.580Neutral
 Siemens AG112.04↑ Buy
 Deutsche Bank AG9.020Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,620/ 6,720
(10/ 10) # 1,654
SJC HCM6,630/ 6,730
(10/ 10) # 1,664
SJC Hanoi6,630/ 6,732
(10/ 10) # 1,666
SJC Danang6,630/ 6,732
(10/ 10) # 1,666
SJC Nhatrang6,630/ 6,732
(10/ 10) # 1,666
SJC Cantho6,630/ 6,732
(10/ 10) # 1,666
Cập nhật 12-08-2022 17:07:31
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Cập nhật lúc 17:00:23 12/08/2022
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