Western Digital Corp. (NASDAQ: WDC) announced financial results for the first quarter of 2024, reporting lower revenues, and a net loss compared to profit last year.
The tech firm reported revenue of $2.75 billion for the first quarter, which is down 26% year-over-year. Cloud revenue decreased 52% and Client revenue dropped 7%.
Net loss was $685 million or $2.17 per share in the September quarter, compared to net income of $27 million or $0.08 per share in the prior-year quarter. Adjusted loss per share came in at $1.76 in Q1, compared to earnings of $0.20 in the corresponding period of 2023.
“Our Consumer and Client end markets continue to perform well and we now expect our Cloud end market to grow going forward. Our improved cost structure positions Western Digital to capitalize on enhanced earnings power as market conditions continue to improve,” said David Goeckeler, Western Digital’s CEO.