Seagate Technology Hldngs Plc Stock Price, News & Analysis

Seagate Technology Holdings plc (NASDAQ: STX), a leader in mass-capacity data storage, has announced its participation in three upcoming investor events. These include:

• The Evercore ISI Semiconductor, IT Hardware & Networking Conference on August 27, 2024, where Seagate will host investor meetings.
• The Citi's 2024 Global TMT Conference on September 4, 2024, featuring a presentation at 7:00 AM PT / 10:00 AM ET and investor meetings.
• The Benchmark 2024 Tech, Media & Telecom Conference on September 5, 2024, where Seagate will host investor meetings.

A live webcast of the events will be available on Seagate's Investor Relations website, with replays accessible for at least 30 days after each event.

Seagate Technology (NASDAQ: STX) has launched its e-commerce website in Canada, following its successful U.S. debut in February. The site offers a localized shopping experience for English and French-speaking customers, allowing direct purchase of Seagate's storage products. To celebrate the launch, Seagate is offering a 10% sitewide discount on full-priced Seagate and LaCie hard drives for two weeks using the code SEAGATE10. Additionally, the IronWolf® Pro 18TB NAS drive is discounted to CA$409.99 from CA$479.99.

The expansion aims to strengthen Seagate's relationship with Canadian customers and provide access to exclusive promotions and real-time support. The company plans to further expand its e-commerce presence to Europe later this year.

Seagate Technology (NASDAQ: STX) reported strong financial results for Q4 and fiscal year 2024. Q4 revenue grew 18% year-over-year to $1.89 billion, with non-GAAP gross margin expanding to nearly 31%. Non-GAAP EPS of $1.05 exceeded guidance. For FY2024, revenue was $6.55 billion with non-GAAP EPS of $1.29.

The company generated $434 million in cash flow from operations and $380 million in free cash flow in Q4. Seagate sold its System-on-Chip Operations for $600 million. For FY2024, cash flow from operations was $918 million and free cash flow was $664 million. The company declared a quarterly dividend of $0.70 per share.

CEO Dave Mosley noted an improving cloud demand environment and emphasized focus on profitability, supply discipline, and executing the mass capacity product roadmap anchored by HAMR technology.

Seagate Technology (NASDAQ: STX) announced it will release its fourth quarter and fiscal year 2024 financial results on July 23, 2024, after the market closes.

The company, known for its innovations in mass-capacity data storage, will host an investment community conference call at 2:00 PM PT / 5:00 PM ET on the same day to discuss these results.

Interested parties can access the live audio webcast via Seagate's Investor Relations website at investors.seagate.com.

Seagate Technology (NASDAQ: STX) has partnered with eBay to launch an official storefront for factory-recertified hard drives. This collaboration is part of Seagate's Circularity Program aimed at reducing e-waste by extending the lifespan of storage devices. Through this program, Seagate has recertified approximately 1.19 million hard drives and SSDs in FY2023, preventing 553 metric tons of e-waste. The recertified drives adhere to strict data sanitization standards and come with a warranty. eBay supports this initiative as part of its sustainability efforts to reduce greenhouse gas emissions.

Seagate Technology Holdings announced the appointment of Jim Lee as Senior Vice President, Chief Legal Officer, and Corporate Secretary. Lee previously worked at Maxar Technologies, where he strengthened legal and compliance functions, built a successful litigation track record, and played a key role in complex transactions. Lee has also spent nearly 15 years at Aramark in various leadership roles. He holds a J.D. from Harvard Law School and a B.A. in economics from Yale University. Seagate's CEO, Dave Mosley, expressed enthusiasm for Lee's extensive experience and legal knowledge, anticipating significant contributions to Seagate's innovation in storage technology.

Seagate Technology Holdings (NASDAQ: STX) has announced its participation in two significant investor events. The first event is the TD Cowen 52nd Annual Technology, Media & Telecom Conference, scheduled for May 29, 2024, where Seagate will present at 8:25 AM PT / 11:25 AM ET and host investor meetings. The second event is the Bank of America Securities Global Technology Conference 2024 on June 4, 2024, with a presentation at 9:20 AM PT / 12:20 PM ET, also followed by investor meetings. Both presentations will be accessible through live webcasts on Seagate's Investor Relations website, with replays available for 30 days post-event.