Seagate Gears Up for Q1 Earnings: What’s in the Offing?
Seagate Technology Holdings plc (NASDAQ: STX) is scheduled to report first-quarter fiscal 2025 earnings on Oct. 22.
The Zacks Consensus Estimate for first-quarter fiscal 2025 earnings has been revised upwards by 2.1% in the past 60 days at $1.48 per share. The company reported a non-GAAP loss per share of 22 cents in the prior year quarter. The Zacks Consensus Estimate for revenues is currently pegged at $2.11 billion, indicating a 44.8% uptick from the year-ago actual.
Management anticipates first-quarter fiscal 2025 revenues to be $2.1 billion (+/- $150 million). Non-GAAP earnings are expected to be $1.40 per share (+/- 20 cents).
STX’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and missed the remaining occasion. The average earnings surprise is 80.9%.
Factors Shaping the Upcoming Results of Seagate
Seagate expects incremental increases in mass capacity demand, owing to strengthening demand from global cloud customers and modest improvement in the nearline enterprise market. Nearline cloud revenues have been driven by improving sales to cloud service providers and steadying enterprise demand. Also, higher traditional cloud computing workloads and new AI deployments have been driving nearline demand. Seagate expects this momentum to continue in fiscal 2025.
Secular trends and innovations in driving up aerial density are likely to have spurred mass capacity storage demand. The launch of the Mozaic 3+ hard …
Full story available on Benzinga.com
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