Seagate Technology Swings to 2Q Profit, Revenue Jumps

Dow Jones
01-22

By Connor Hart

Seagate Technology swung to a profit in its fiscal second quarter, boosted by an increased need for data storage as demand for artificial intelligence continues to grow.

The mass-capacity data storage company on Tuesday reported a profit of $336 million, or $1.55 a share, for its three months ended Dec. 27, compared with a loss of $19 million, or 9 cents a share, a year earlier.

Adjusted per-share earnings came in at $2.03, ahead of the $1.88 that analysts surveyed by FactSet were expecting.

Revenue jumped 50% to $2.33 billion, in line with analyst expectations, according to FactSet.

Chief Executive Dave Mosley said these results demonstrate structural improvements in the company's business, as well as its focus to capture value in an improving demand environment.

"We are advancing our technology roadmap to meet our customers' growing need for scalable, cost efficient and sustainable storage solutions in the age of AI," he said.

For the current quarter, Seagate forecast adjusted per-share earnings between $1.50 and $1.90, as well as revenue between $1.95 billion and $2.25 billion. Analysts surveyed by FactSet project adjusted earnings of $1.70 a share and sales of $2.19 billion.

Write to Connor Hart at connor.hart@wsj.com

 

(END) Dow Jones Newswires

January 21, 2025 16:30 ET (21:30 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10