Seagate Technology reported strong financial results for Q1 FY2025 ended September 27, 2024, with revenue increasing 49% year-over-year to $2.17 billion. The company posted a net income of $305 million, compared to a net loss of $184 million in the same period last year. Gross margin improved significantly to 33% from 10% in Q1 FY2024, driven by favorable product mix and improved pricing environment.The company shipped 138 exabytes of HDD storage capacity during the quarter, with mass capacity storage accounting for 80% of revenue. Growth was primarily driven by continued improvement in cloud customer demand for high-capacity nearline drives and increased demand from enterprise and OEM markets. Operating expenses increased to $311 million from $278 million last year, mainly due to higher compensation and employee benefits.Seagate maintained a strong liquidity position...Show More

Seagate Technology reported strong financial results for Q1 FY2025 ended September 27, 2024, with revenue increasing 49% year-over-year to $2.17 billion. The company posted a net income of $305 million, compared to a net loss of $184 million in the same period last year. Gross margin improved significantly to 33% from 10% in Q1 FY2024, driven by favorable product mix and improved pricing environment.The company shipped 138 exabytes of HDD storage capacity during the quarter, with mass capacity storage accounting for 80% of revenue. Growth was primarily driven by continued improvement in cloud customer demand for high-capacity nearline drives and increased demand from enterprise and OEM markets. Operating expenses increased to $311 million from $278 million last year, mainly due to higher compensation and employee benefits.Seagate maintained a strong liquidity position with $1.24 billion in cash and cash equivalents. The company generated operating cash flow of $95 million and paid $147 million in dividends during the quarter. The Board of Directors declared a quarterly cash dividend of $0.72 per share, payable on January 6, 2025. Management expressed optimism about future growth potential driven by increasing data demand, including from Generative AI applications.