Overview
- Seagate reported fiscal first-quarter revenue of $2.63 billion and adjusted EPS of $2.61, topping Wall Street estimates.
- The company guided the December quarter to $2.60–$2.80 billion in revenue (midpoint $2.70 billion) and adjusted EPS of $2.55–$2.95 (about $2.75 at the midpoint), both above consensus.
- Management cited stronger orders from cloud customers supporting generative AI and noted inventory levels have normalized after a prior supply glut.
- Shares rose roughly 3%–4% in extended trading and are up about 160% year to date as investors price in sustained AI-driven storage demand.
- CEO Dave Mosley said high-capacity cloud HDD output is largely under contract through 2026 with visibility into 2027, while product transitions such as HAMR-based drives aim to boost density rather than unit capacity.