Seagate Technology (STX) Reports 9% Revenue Increase

By Ahmed Jameison • Wednesday, July 30 10:39 • Permanent Link

Seagate Technology Holdings PLC has just released its earnings press release for the June quarter and fiscal year end. The company's revenue for the quarter was $2.52 billion, showing an increase from the previous quarter's revenue of $2.31 billion. This represents a 9% increase in revenue quarter-over-quarter.

In terms of GAAP gross margin, Seagate reported a margin of 27.5% for the quarter, which is an improvement from the previous quarter's margin of 26.8%. Additionally, the company's non-GAAP gross margin for the quarter was 27.9%, also showing an increase from the previous quarter's non-GAAP gross margin of 27.2%.

Seagate's GAAP net income for the quarter was $482 million, up from the previous quarter's net income of $159 million. On a non-GAAP basis, the company reported a net income of $532 million for the quarter, compared to $423 million in the previous quarter.

Furthermore, the company's diluted earnings per share (EPS) on a GAAP basis for the quarter were $2.01, a significant increase from the previous quarter's GAAP EPS of $0.65. On a non-GAAP basis, the diluted EPS for the quarter was $2.24, up from $1.84 in the previous quarter.

Seagate's cash flow from operations for the quarter was $810 million, showing an increase from the previous quarter's cash flow of $597 million.

Following these announcements, the company's shares moved 1.48%, and are now trading at a price of $152.68. For more information, read the company's full 8-K submission here.

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