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WD® Announces Q2 Revenue of $2.475 Billion and Net Income of $225 Million, or $0.96 Per Share

IRVINE, Calif. Jan. 18, 2011 $2.475 billion $225 million $0.96 Dec. 31, 2010 $2.619 billion $429 million $1.85

$505 million $3.1 billion

John Coyne

3 p.m. PST 6 p.m. EST

Audio webcast:

www.westerndigital.com/investor

Click on “Conference Calls”

Telephone replay:

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About WD

WD, one of the storage industry’s pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The company designs and produces reliable, high-performance hard drives and solid state drives that keep users’ data accessible and secure from loss. Its advanced technologies are configured into applications for client and enterprise computing, embedded systems and consumer electronics, as well as its own consumer storage and media products.

www.westerndigital.com

Oct. 29, 2010

Western Digital, WD, and the WD logo are registered trademarks of Western Digital Technologies, Inc. All other trademarks mentioned herein belong to their respective owners.

WESTERN DIGITAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions; unaudited)

Dec. 31,

Jul. 2,

2010

2010

ASSETS

Current assets:

Cash and cash equivalents

$  3,110

$ 2,734

Accounts receivable, net

1,250

1,256

Inventories

568

560

Other

192

170

Total current assets

5,120

4,720

Property and equipment, net

2,277

2,159

Goodwill

151

146

Other intangible assets, net

79

88

Other assets

216

215

Total assets

$  7,843

$ 7,328

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$  1,628

$ 1,507

Accrued expenses

262

281

Accrued warranty

135

129

Current portion of long-term debt

119

106

Total current liabilities

2,144

2,023

Long-term debt

231

294

Other liabilities

309

302

Total liabilities

2,684

2,619

Shareholders’ equity

5,159

4,709

Total liabilities and shareholders’ equity

$  7,843

$ 7,328

WESTERN DIGITAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)

(unaudited)

Three Months Ended

Six Months Ended

Dec. 31,

Jan. 1,

Dec. 31,

Jan. 1,

2010

2010

2010

2010

Revenue, net

$    2,475

$ 2,619

$    4,871

$ 4,827

Cost of revenue

2,000

1,932

3,959

3,626

Gross margin

475

687

912

1,201

Operating expenses:

Research and development

169

154

336

296

Selling, general and administrative

66

60

125

113

Total operating expenses

235

214

461

409

Operating income

240

473

451

792

Net interest and other

(1)

(2)

(1)

(4)

Income before income taxes

239

471

450

788

Income tax provision

14

42

28

71

Net income

$       225

$    429

$       422

$    717

Income per common share:

Basic

$      0.98

$   1.89

$      1.83

$   3.17

Diluted

$      0.96

$   1.85

$      1.80

$   3.10

Weighted average shares outstanding:

Basic

230

227

230

226

Diluted

235

232

235

231

WESTERN DIGITAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions; unaudited)

Three Months Ended

Six Months Ended

Dec. 31,

Jan. 1,

Dec. 31,

Jan. 1,

2010

2010

2010

2010

Cash flows from operating activities

Net income

$    225

$    429

$    422

$    717

Adjustments to reconcile net income to net cash

 provided by operations:

Depreciation and amortization

151

126

301

247

Stock-based compensation

18

13

37

27

Deferred income taxes

1

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