Seagate Technology Hldngs Plc Stock Price, News & Analysis

Seagate Technology Holdings plc (NASDAQ: STX) reported financial results for its fiscal second quarter ended December 30, 2022. The Company achieved a revenue of $1.89 billion, with a GAAP diluted loss per share of $(0.16) and a non-GAAP EPS of $0.16. The quarter saw cash flow from operations of $251 million and free cash flow of $172 million. The Board declared a cash dividend of $0.70 per share, payable on April 6, 2023. Despite a challenging macroeconomic environment, CEO Dave Mosley emphasized Seagate's commitment to product innovation and positive cash flow generation.

Seagate Technology Holdings plc (NASDAQ: STX) will announce its fiscal Q2 2023 financial results on January 25, 2023, after market close. A conference call for investors is scheduled for 2:00 PM PT / 5:00 PM ET on the same day, available via a live audio webcast on the company's Investor Relations website. Seagate, a leader in data storage solutions, continues to innovate and support sustainable partnerships, having delivered over three billion terabytes of data capacity globally, showcasing its commitment to maximizing potential through advanced data management.

RackTop Systems announces a collaboration with Seagate Technology Holdings (NASDAQ: STX) to enhance data storage and cybersecurity. The partnership combines RackTop’s BrickStor Security Platform with Seagate's enterprise storage solutions to create a comprehensive defense against cyber threats, including ransomware. Key features include rapid ransomware attack mitigation, agentless user behavior analytics, and FIPS encryption for data protection. This turnkey solution aims to provide organizations with a robust and economical defense against data breaches and cyberattacks.

Seagate's Lyve Cloud storage service is expanding into the UK, aiming to help businesses tackle rising data management costs. A survey reveals UK firms spend an average of £213,000 annually on data storage, with over 50% labeling these costs as 'unsustainable.' The study highlights a growing concern among IT leaders, with 90% acknowledging rising expenses. Seagate's Lyve Cloud is designed to reduce costs and boost innovation, offering S3-compatible solutions. Launched in the U.S. in 2021, it has over 50 partners, including UK customers like Twickenham Studios.

Seagate HDD Cayman, a subsidiary of Seagate Technology Holdings (NASDAQ: STX), has announced the expiration of the early exchange period for its exchange offers, allowing eligible holders to exchange existing debt securities for up to $750 million in new 9.625% Senior Notes due 2032. The increase in the issuance limit from $500 million was confirmed, and as of November 28, 2022, $1.31 billion of existing notes were tendered. The maximum amount of new notes to be issued exceeds the limit, leading the company not to accept notes tendered post-early exchange date.

Hammerspace collaborates with Seagate (NASDAQ: STX) to offer bundled solutions for data-centric businesses facing challenges with large data sets. Available until March 31, 2023, these bundles facilitate seamless data access across cloud and on-premises systems. Key components include Seagate’s Exos CORVAULT for massive storage and Lyve Cloud for efficient object storage. The collaboration aims to provide hybrid-cloud capabilities, eliminating data silos, and ensuring predictable public cloud pricing without hidden fees, enhancing data control and scalability for enterprises.

Seagate Technology Holdings plc (NASDAQ: STX) announced management's participation in two upcoming investor events. The first is the Credit Suisse 26th Annual Technology Conference on November 29, 2022, at 11:20 AM PT. The second event is the UBS Global TMT Conference on December 6, 2022, at 5:20 AM PT. Live webcasts will be available on Seagate’s Investor Relations website, with replays accessible for 30 days post-event. Seagate continues to lead in mass-data storage with over three billion terabytes of data shipped globally.

Seagate HDD Cayman, a subsidiary of Seagate Technology Holdings (NASDAQ: STX), announced the start of exchange offers for eligible holders of its existing debt securities. The company aims to exchange up to $500 million in outstanding debt for new 9.625% Senior Notes due 2032. The exchange is subject to a minimum of $300 million and is set to expire on December 12, 2022. Holders tendering their existing notes by an early deadline may receive additional early exchange consideration.