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Net profit of Western Digital in annual terms grew more than tenfold

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Western Digital has released a report for the third quarter of its fiscal year 2021. Recall that not all companies have a fiscal year that coincides with a calendar year, so there is no mistake – in April it is quite possible to report for the third quarter.

Revenue for the reporting period amounted to $ 4.137 billion. A year ago, the value of this indicator was equal to $ 4.175 billion, that is, in annual terms, it decreased by 1%. Gross profit increased slightly – from 24.1% to 26.4%, that is, by 2.3 percentage points.

Operating income was $ 317 million. This is 107% more than the $ 153 million reported in the fiscal 2020 third quarter.

Finally, the net income was $ 197 million. Considering that a year ago it was exactly $ 17 million, we get an impressive growth rate – 1059%, or about 11.6 times. However, if you do not follow the formal GAAP accounting rules, but carry out a more realistic calculation, it will turn out that the net profit for the year increased from $ 257 to $ 318 million, that is, by 24%.

It remains to add that during the quarter the company paid off $ 212 million in debt, and by the end it had $ 2.7 billion in cash and cash equivalents.

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