Western Digital reported revenue of $4.53 billion for the fourth quarter of its fiscal 2022, down 8% year-over-year (YoY). Fourth quarter GAAP earnings per share (EPS) was $0.95 and Non-GAAP EPS was $1.78.
Fiscal year 2022 revenue was $18.79 billion, up 11% YoY. Fiscal year 2022 GAAP EPS was $4.75 and non-GAAP EPS was $8.22.
- Cloud revenue increased 5%. Cloud represented 46% of total revenue. Within Cloud, the continued ramp of 18-terabyte and 20-terabyte drives drove a 7% year-over-year increase in nearline HDD revenue. In Flash, enterprise SSD revenue more than doubled sequentially and was up 38% year-over-year. There was strong demand from cloud customers for the latest generation energy assisted drives driving a near record nearline shipment of 111 exabytes.
- Client revenue declined 14%. Client represented 36% of total revenue. On both a sequential and year-over-year basis, client HDD led the revenue decline while Flash was roughly flat.
- Consumer revenue declined 23% YoY. Consumer represented 18% of revenue. On a sequential basis, the revenue decline was primarily due to lower retail HDD shipments. The year-over-year decrease was due to broad-based decline in retail products across HDD and Flash.
“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. “In addition to strong financial performance, fiscal year 2022 was a hallmark year for Western Digital from an innovation, product development and execution perspective. The combination of our innovation engine and the multiple channels to deliver our products to the market puts Western Digital in a great position to capitalize on the large and growing opportunities in storage ahead even in the midst of macro dynamics weighing on near-term demand.”