Western Digital beats the Street's Q1 estimates with revenue down 20% Y/Y. The Q2 outlook has in-line revenue of $4.1-4.3B (consensus: $4.2B) and downside EPS of $0.45-0.65 (consensus: $0.75).

CEO succession plan: Steve Milligan plans to retire but will remain in his position until his replacement is found. He will remain in an advisory role until September 2020 to help with the transition.

WDC continues to believe the flash industry has passed its cyclical trough and sees improving trends across its flash portfolio.

Q1 revenue breakdown: Client Devices, $2.65B; Client Solutions, $932M; Data Center, $1.4B.

HDD units totaled 34.1M with an HDD ASP of $72.