Western Digital
Q2 2023 Earnings Call
Jan 31, 2023, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon, and thank you for standing by. Welcome to the Western Digital fiscal second quarter 2023 conference call. Presently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session.
[Operator instructions] And as a reminder, this call is being recorded. Now, I will turn the call over to Mr. Peter Andrew. You may begin.
Peter Andrew -- Vice President, Investor Relations
Thank you, and good afternoon, everyone. Joining me today are David Goeckeler, chief executive officer; and Wissam Jabre, chief financial officer. Before we begin, let me remind everyone that today's discussion contains forward-looking statements, including expectations for our product portfolio, cost reductions, business plans and performance, demand and market trends, and financial results based on management's current assumptions and expectations, and as such, does include risks and uncertainties. We assume no obligation to update these statements.
Please refer to our most recent financial report on Form 10-K filed with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially. We will also make references to non-GAAP financial measures today. Reconciliations between the non-GAAP and comparable GAAP financial measures are included in the press release and other materials that are being posted in the investor relations section of our website. With that, I will now turn the call over to David for introductory remarks.
David Goeckeler -- Chief Executive Officer
Thank you, Peter. Good afternoon, and thank you for joining the call to discuss our 2023 second quarter results. The Western Digital team worked diligently within a dynamic market and delivered revenue at the high end of the guidance range we provided in October. We reported second quarter revenue of $3.1 billion and non-GAAP operating loss of $119 million.
Our non-GAAP loss per share was $0.42. Our ongoing efforts to control expenses, optimize working capital, and deploy capital judiciously helped us manage cash flow amid a challenging flash pricing environment and larger-than-expected ACD underutilization that pressured gross margins. Before we discuss the details of our second quarter results, I wanted to cover two other announcements that we are making today. First, we disclosed that Western Digital has entered into agreements with Apollo Global Management and Elliott Investment Management for convertible preferred equity investments totaling $900 million.