Seagate Tech Returns To Profit In Q2, Aims For Strong Q3 EPS Growth
Portfolio Pulse from Ryan Gustafson
Seagate Technology Holdings PLC (NASDAQ:STX) reported Q2 earnings of $0.12 per share, beating analyst expectations of a $0.06 loss per share. Revenue was $1.56 billion, slightly above the $1.55 billion forecast but down 17.33% from last year's $1.89 billion. The company saw $169 million in operating cash flow and $99 million in free cash flow. For Q3, Seagate expects EPS between $0.05 and $0.45, with revenue projections of $1.5 to $1.8 billion, compared to an estimated $1.64 billion. After the earnings release, STX shares experienced volatility, with a slight decrease of 0.30% in after-hours trading.
January 24, 2024 | 10:01 pm
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Seagate Technology reported better-than-expected Q2 earnings and revenue, with a positive outlook for Q3, but shares fell slightly in after-hours trading.
While Seagate's earnings beat and positive outlook for Q3 are fundamentally positive, the slight dip in after-hours trading suggests a cautious or mixed reaction from the market. The short-term impact is likely neutral as investors may need time to fully digest the results and guidance.
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IMPORTANCE 85
RELEVANCE 100