Seagate Technology has released its Q2 2024 financial report, wrapping up on December 29th. The company’s CEO, Dave Mosley, signaled a dip in profits, but it outperformed the upper range of estimates. He linked the outcome to a surge in cloud services as the market shows early signs of recovery.
Key Financial Results for Q2 2024
The revenue for the past quarter amounted to $1.555 billion, compared to $1.887 billion in the same period the previous year. Seagate’s net profit (non-GAAP) decreased from $34 million to $25 million. However, the net loss (GAAP) decreased from $33 million to $19 million. The company generated $169 million through operating cash flows, with $99 million labeled as free cash flows. By the end of Q2, Seagate had cash and cash equivalents worth $787 million, with 210 million ordinary shares in circulation.
Dividend Distribution and Future Projections
Seagate’s Board of Directors authorized a quarterly dividend payment of $0.70 per share, scheduled for April 4, to shareholders recorded as of the end of the working day on March 21, 2024. For Q3 2024, the company projects revenues of approximately $1.65 billion ± $150 million.
Technological Breakthroughs and Prospects
One of Seagate’s major technological breakthroughs, according to the company’s head, was the launch of the Mozaic 3+ platform for creating 30 TB and larger HDDs using HAMR. This development aims to address the three critical dilemmas of data center operators: cost, power, and compactness. The first product based on Mozaic has seen an increase in sales, thus presenting opportunities for the company.
