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

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 for years 2008-2015.The company saw improved market conditions in the latter half of FY2024, with stronger demand driving better pricing and margins across segments. Operating expenses included $291 million for an intellectual property dispute settlement and $97 million in business separation costs. Western Digital ended the year with $1.9 billion in cash and expects continued demand improvement driven by digital transformation and AI data-cycle growth.