Western Digital (WDC, Financial) has released its financial results for the third quarter of fiscal year 2024, reporting a significant increase in net income to $493 million, up 171.97% compared to the previous year. The company also achieved a revenue of $4.095 billion, marking a 48.91% increase year-over-year. Basic earnings per share were reported at $1.40.
The balance sheet highlights a total debt of $12.899 billion, with short-term debt accounting for $1.75 billion. The company's debt-to-equity ratio stands at 1.93, and the current ratio is 1.47, indicating strong financial health.
As of October 31, 2024, financial institutions have set a target price for Western Digital's stock, with an average target of $91.45. The price targets range from a low of $78.00 to a high of $115.00.
Western Digital Corp is a leading provider of vertically integrated data storage solutions, specializing in hard disk drives and solid-state drives. It holds a significant market position alongside Seagate and is the world's largest producer of NAND flash memory chips for SSDs through its joint venture with Kioxia.
