Seagates quarterly revenue fell but the company is optimistic about

Seagate’s quarterly revenue fell, but the company is optimistic about the future

Seagate Technology has reported financial results for the second quarter of fiscal 2024, ended December 29. The manufacturer posted a decline in profit, but it was still above the upper limit of forecasts, noted company boss Dave Mosley. He linked the results to growing demand for cloud services amid early signs of a market recovery.

    Image source: Seagate

Image source: Seagate

Seagate’s revenue was $1.555 billion last quarter, up from $1.887 billion a year earlier. Non-GAAP net income fell from $34 million to $25 million; According to GAAP, the loss narrowed from $33 million to $19 million. During the period, the company generated operating cash flow of $169 million, free cash flow of $99 million and paid $146 million to shareholders in quarterly dividends. At the end of the quarter, Seagate had cash and cash equivalents of $787 million; There were 210 million common shares outstanding.

The Board of Directors has declared a quarterly dividend of $0.70 per share to be paid to shareholders of record on April 4 after the close of business on March 21, 2024. In the third quarter of fiscal 2024, the company expects revenue of $1.65 billion ± $150 million. As the company’s main technological achievement, the head of Seagate last week called the launch of the Mozaic 3+ platform for creating 30 TB or more hard drives with HAMR – it will help data processing center operators solve three critical problems : Cost, performance and compactness. The first product based on Mozaic records increases in sales and opens up prospects for the company.

About the author

Dylan Harris

Dylan Harris is fascinated by tests and reviews of computer hardware.

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