Seagate Technology Warns Cloud Demand is Heating Up
STXSeagate(STX) MarketBeat·2024-04-30 22:10

Key PointsSeagate, the largest manufacturer of hard disk drives, is ushering in the next generation of high-capacity HAMR technology HDDs in the Mozaic 3+ with up to 30 TBs, doubling the capacity in the same footprint.Seagate reported a fiscal Q3 2024 EPS of 33 cents, beating consensus estimates by 4 cents, while revenues fell 11% YOY but rose 6%, and adjusted EBITDA doubled QOQ, indicating the recovery cycle may be underway.Cloud data center demand is recovering as EBITDA margins expanded to 16.8%, up from ...