Welcome to our dedicated page for Seagate Technology Hldngs Plc news (Ticker: STX), a resource for investors and traders seeking the latest updates and insights on Seagate Technology Hldngs Plc stock.
Seagate Technology Holdings Plc (STX) delivers mission-critical data storage solutions powering global enterprises and consumer markets. This dedicated news hub provides investors and industry professionals with timely updates on corporate developments shaping the digital infrastructure landscape.
Access verified press releases and analysis covering Seagate's financial performance, product innovations, and strategic partnerships. Our curated collection includes earnings announcements, technology breakthroughs in hard drive capacity, and operational updates from this vertically integrated manufacturer.
Key focus areas include enterprise storage advancements, cloud infrastructure trends, and manufacturing developments impacting data center economics. Bookmark this page to monitor how Seagate navigates evolving demands in AI-driven storage architectures and sustainable technology solutions.
Seagate Technology (NASDAQ: STX) announced significant progress in its Sustainable Datasphere FY2022 ESG Performance Report. The company is over 50% towards its 2030 goal of powering its global operations with renewable energy. In FY2022, Seagate extended the life of 1.16 million HDDs and SSDs, preventing 540 metric tons of e-waste. Four of its seven manufacturing sites now operate fully on renewable energy, covering over half of its total energy use. The report also highlights initiatives like saving 21,000 MWh through efficiency programs and a 9.1% increase in patents with female inventors. Seagate aims for carbon neutrality by 2040 and is a founding member of the Circular Drive Initiative, focusing on sustainable practices in the tech industry.
Seagate Technology Holdings reported fiscal Q3 2023 results with a revenue of $1.86 billion, a significant decline from $2.80 billion in Q3 2022. The company faced a GAAP loss per share of $(2.09) impacted by reduced nearline demand and $300 million in settlement penalties. Despite the challenges, Seagate generated $228 million in cash flow from operations and $174 million in free cash flow. A quarterly dividend of $0.70 per share has been declared, payable on July 5, 2023. In response to the current market, a restructuring plan has been initiated, expected to yield annual savings of $200 million starting in Q1 2024. Looking ahead, demand recovery is anticipated late this year.
Seagate Technology Holdings (NASDAQ: STX) announced a settlement with the U.S. Bureau of Industry and Security regarding allegations of improper sales of hard disk drives to Huawei between August 2020 and September 2021. The settlement entails a payment of $300 million to be made in quarterly installments of $15 million over five years, starting in October 2023. CEO Dave Mosley stated that this resolution is in the best interest of the company and its stakeholders, allowing Seagate to focus on business challenges and its technology roadmap. The fiscal third quarter 2023 financial results will be reported on April 20, 2023, with a conference call to discuss the settlement and results scheduled for the same day.
FAQ
What is the current stock price of Seagate Technology Hldngs Plc (STX)?
What is the market cap of Seagate Technology Hldngs Plc (STX)?
