Seagate Technology Hldngs Plc Stock Price, News & Analysis

Seagate Technology Holdings plc (NASDAQ: STX) has revised its fiscal first quarter 2023 revenue outlook down to $2.1 billion (+/- $100 million), from a prior estimate of $2.5 billion (+/- $150 million). This change is attributed to deteriorating economic conditions, particularly in Asia, leading to inventory corrections and cautious purchasing behavior from key clients. Additionally, non-GAAP EPS is now expected to be significantly lower than the previous guidance of at least $1.20.

Seagate Technology Holdings plc (NASDAQ: STX) has appointed Richard (Rick) Clemmer to its Board of Directors, effective August 23, 2022. Clemmer, a seasoned technology executive, has a strong background in financial management and leadership, having previously served as CEO of NXP Semiconductors, where he led significant revenue growth. His extensive experience includes roles at Agere Systems and Texas Instruments. Seagate's Board Chair, Mike Cannon, emphasized Clemmer's potential to drive growth and enhance value for the company.

Seagate Technology Holdings plc (NASDAQ: STX) has announced its management's participation in several upcoming investor events. Key events include:

• Deutsche Bank 2022 Technology Conference on August 31, 2022, at 10:30 AM PT.
• Evercore ISI 2nd Annual Technology Conference on September 7, 2022, at 12:45 PM PT.
• Goldman Sachs Communacopia + Technology Conference on September 13, 2022, at 9:15 AM PT.

A live webcast will be available on Seagate's Investor Relations website, with replays accessible for 30 days post-event.

Phison Electronics Corp. has launched its innovative X1 SSD platform designed for data centers, developed in partnership with Seagate Technology Holdings. The X1 SSD boasts over a 30% increase in data read performance while consuming the same power as existing competitors. This platform is aimed at enhancing enterprise storage solutions, particularly in high-performance computing, artificial intelligence, and hyperscale applications. The collaboration aims to provide increased density, performance, and power efficiency, reinforcing Phison's commitment to setting new standards in enterprise storage.

Seagate reported Q4 FY 2022 revenue of $2.63 billion, down from $3.01 billion in Q4 FY 2021. GAAP diluted EPS was $1.27, compared to $2.07 year-over-year. For the full fiscal year, revenue rose to $11.66 billion with a GAAP gross margin of 29.7%. Cash flow from operations was $1.7 billion. Despite stable demand in mass capacity storage, the company is adjusting production in light of macroeconomic uncertainties. A quarterly dividend of $0.70 per share has been declared, to be paid on October 5, 2022.

Seagate Technology Holdings plc (NASDAQ: STX) will announce its fourth quarter and fiscal year 2022 financial results post-market on July 21, 2022. A conference call for investors will be held at 2:00 p.m. Pacific / 5:00 p.m. Eastern on the same day to discuss these results. The conference call can be accessed on Seagate’s Investor Relations website. Seagate continues to innovate in data storage solutions, shipping over three billion terabytes of data capacity over its 40-year history.

The Multicloud Maturity Report from Seagate (NASDAQ: STX) highlights the challenges of multicloud complexity and rising data costs, emphasizing the importance of managing these effectively to boost business value. The report reveals that organizations demonstrating multicloud maturity can significantly outperform competitors, achieving revenue goals nearly twice as often and accelerating market entry by 6.3 times. It underscores the need for data-centric strategies to eliminate friction and unlock the potential of the growing global datasphere, which is expected to double in size every three years.

Seagate Technology Holdings plc (NASDAQ: STX) announced its participation in two upcoming investor events. The Morgan Stanley 7th Annual Sustainable Futures Conference is scheduled for May 24, 2022, at 7:15 AM PT. Following this, the Bank of America Global Technology Conference will take place on June 8, 2022, at 9:30 AM PT. Live webcasts of both events will be available on Seagate's Investor Relations website, with replays accessible for 30 days post-event.

Hammerspace and Seagate Technology Holdings plc (NASDAQ: STX) have partnered to offer automated data orchestration and unified data access across Seagate’s Lyve Cloud and Exos CORVAULT. This collaboration allows customers to integrate data from various sources into a Global Data Environment, improving accessibility and management across multi-site hybrid cloud infrastructures. Seagate’s Lyve Cloud provides data privacy and cost-effective storage solutions, enabling organizations to efficiently manage and utilize massive data sets without incurring extra charges for data movement.