Seagate Technology Plc is a leading provider of data storage solutions that design, manufacture, and market a broad range of hard disk drives and solid-state drives for a variety of applications, including enterprise and consumer markets
The company specializes in delivering high-performance storage systems and innovative data management solutions that cater to the growing demand for reliable and secure data storage amidst the ever-expanding digital landscape. Seagate's technologies are integral to a wide array of devices, enabling fast access to information and supporting the burgeoning fields of cloud computing, big data, and artificial intelligence. Additionally, the company focuses on sustainability initiatives and advancing storage technology to help customers effectively manage and protect their data.
Leading data storage manufacturer Western Digital (NASDAQWDC) will be announcing earnings results tomorrow after market hours. Here’s what you need to know.
IT hardware stocks dip after DeepSeek news, but analyst sees growth potential in Corning, Hewlett Packard Enterprise, Western Digital, Seagate Technology and Apple due to specific catalysts.
Shares of data storage manufacturer Seagate (NASDAQSTX)
jumped 9.2% in the morning session after the company reported fourth-quarter results that blew past analysts' EPS expectations, while revenue was roughly in line. On the other hand, its revenue and EPS guidance for the next quarter fell below consensus estimates, indicating expectations were on the high side ahead of the earnings release. However, taking a closer look at the results, top-line growth accelerated during the quarter, up 49.5% y/y, driven by what management considers "structural improvements in the business and our focus on value capture in an improving demand environment," including some of the company's AI bets. Overall, this was a mixed yet decent quarter.
Cantor Fitzgerald analyst retains Neutral rating and $120 price target for Seagate Technology. Company beat revenue consensus for second quarter of FY25.
Data storage manufacturer Seagate (NASDAQSTX) met Wall Street’s revenue expectations in Q4 CY2024, with sales up 49.5% year on year to $2.33 billion. On the other hand, next quarter’s revenue guidance of $2.1 billion was less impressive, coming in 4.9% below analysts’ estimates. Its non-GAAP profit of $2.03 per share was 8.1% above analysts’ consensus estimates.
