Western Digital Continues Revenue Decline, Stock Slides

Western Digital (WDC) reported its seventh consecutive quarterly decline in revenue, causing its stock to drop more than 5% in after-hours trading. The company posted a FQ2 2024 adjusted loss per share of 69 cents on revenue of $3.03B, with a 2% year-over-year decline in revenue. The decline was attributed to a 13% year-over-year fall in sales in the cloud business. Despite this, the company's flash revenue increased slightly, while HDD revenue fell. Western Digital also announced plans to split its hard disk drive and flash memory businesses into two separate companies by the second half of 2024.