Seagate's (STX) fourth-quarter fiscal 2024 performance gains from an improvement in demand for mass capacity solutions.
Seagate Technology Holdings plc (NASDAQ:STX ) Q4 2024 Earnings Conference Call July 23, 2024 5:00 PM ET Company Participants Shanye Hudson - Investor Relations Dave Mosley - Chief Executive Officer Gianluca Romano - Chief Financial Officer Conference Call Participants Wamsi Mohan - Bank of America Asiya Merchant - Citigroup Erik Woodring - Morgan Stanley Krish Sankar - TD Cowen Amit Daryanani - Evercore Aaron Rakers - Wells Fargo Timothy Arcuri - UBS Karl Ackerman - BNP Paribas Vijay Rakesh - Mizuho C.J. Muse - Cantor Fitzgerald Mehdi Hosseini - SIG Steven Fox - Fox Advisors Ananda Baruah - Loop Capital Tristan Gerra - Baird Thomas O'Malley - Barclays Mark Miller - The Benchmark Company Operator Good afternoon, and welcome to the Seagate Technology Fourth Quarter and Fiscal Year 2024 Conference Call.
The headline numbers for Seagate (STX) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Seagate (STX) came out with quarterly earnings of $1.05 per share, beating the Zacks Consensus Estimate of $0.75 per share. This compares to loss of $0.18 per share a year ago.
Seagate Technology forecast first-quarter revenue above Wall Street estimates on Tuesday, driven by increased demand for memory chips from personal computing and data center clients, sending its shares up 6.8% in extended trading.
Seagate's (STX) fiscal Q4 performance is likely to have gained from incremental improvements in mass capacity demand driven by nearline cloud products.
Seagate (STX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Here is how Seagate (STX) and Trane Technologies (TT) have performed compared to their sector so far this year.
AI growth has led to increased demand for data storage, benefiting companies like Seagate. Seagate and Western Digital have seen steady growth since late 2022, with Seagate currently having a great valuation. Seagate's technological advancements and earnings performance build confidence in its future growth, despite short-term concerns.
Looking for growth stocks? Consider Seagate Technology (STX), Abercrombie & Fitch (ANF), BrightView Holdings (BV), The Gap (GPS) and Micron Technology (MU).
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Shares of Seagate Technology have gained momentum amid an improving outlook for the mass-capacity HDD market. Growth and earnings are expected to accelerate through next year. The stock has room to reclaim its all-time high.