Data Storage Company Seagate's Q1 Earnings Miss Estimates With Pressured Margins; May Report Loss In Q2
Portfolio Pulse from Nabaparna Bhattacharya
Seagate Technology Holdings reported Q1 revenues of $1.454 billion, missing the analyst consensus of $1.530 billion, a 28.6% Y/Y slump. The company also reported an adjusted EPS loss of $(0.22), missing the analyst consensus of $(0.19) loss. Seagate's Q1 adjusted gross margin contracted to 19.8% from 24.5% in the year-ago period. The company expects Q2 revenues of $1.55 billion and an adjusted EPS loss of $(0.10).
October 26, 2023 | 4:24 pm
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Seagate's Q1 earnings missed estimates, with revenues and EPS both falling short. The company's Q1 adjusted gross margin also contracted. Seagate expects Q2 revenues of $1.55 billion and an adjusted EPS loss of $(0.10).
Seagate's Q1 earnings missed estimates, with both revenues and EPS falling short of analyst expectations. This, along with the contraction in the company's Q1 adjusted gross margin, indicates a challenging operating environment for the company. The company's outlook for Q2, which includes expected revenues of $1.55 billion and an adjusted EPS loss of $(0.10), suggests that these challenges may persist in the short term.
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