Seagate’s Quarterly Revenue Declines but the Company Remains Optimistic about the Future

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.

This post was last modified on 01/25/2024

Harry Males: Hey there, I'm Harry Males, your go-to news writer at Dave's iPAQ, where I traverse the intricate landscape of technology, reporting on the latest developments that shape our digital world. With a pen in hand and a passion for all things tech, I dive deep into the realms of Software, AI, Cybersecurity, and Cryptocurrency to bring you the freshest insights and breaking news. Artificial Intelligence is not just a buzzword for me – it's a captivating realm where machines mimic human intelligence. From the wonders of machine learning to the ethical considerations of AI, I'm dedicated to keeping you informed about the advancements that are reshaping industries and everyday life. Beyond the bylines and breaking news, I believe in fostering a community of tech enthusiasts. Whether it's engaging in discussions on forums, attending tech conferences, or sharing insights on social media, I aim to connect with readers who share a passion for the ever-evolving world of technology.