2 May 2016 — Western Digital Corp. today reported revenue of US$2.8 billion and net income of US$74 million, or US$0.32 per share, for its third fiscal quarter ended Apr. 1, 2016. On a non-GAAP basis, net income was US$283 million, or US$1.21 per share.
In the year-ago quarter, the company reported revenue of US$3.5 billion and net income of US$384 million, or US$1.63 per share. Non-GAAP net income in the year-ago quarter was US$441 million, or US$1.87 per share.
The company generated US$485 million in cash from operations during the third fiscal quarter, ending with total cash and cash equivalents of US$5.9 billion. On Feb. 10, 2016, the company declared a cash dividend of US$0.50 per share of its common stock, which was paid on Apr. 15, 2016.
“We continue to manage our business effectively in a dynamic storage demand environment,” said Steve Milligan, chief executive officer. “Computer usage continues to shift from PCs to mobile devices and enterprise workloads are moving increasingly to cloud-based architectures. Our strategy to become a broad-based provider of media-agnostic storage solutions anticipates these and other trends. After we complete the acquisition of SanDisk, we will be better positioned to address and capitalize on these changes and opportunities, with the storage industry’s broadest set of products, a rich technology portfolio, and an experienced team in both rotating magnetic and non-volatile memory.”
The company indicated that it continues to expect to complete its planned acquisition of SanDisk in the June quarter.