July 28 (Reuters) – Seagate Technology forecast quarterly revenue and profit above estimates on Tuesday, as the \u200crapid buildout of AI infrastructure fuels robust demand \u200cfor its high-capacity hard disk drives. <\/p>\n
Shares of the Singapore-based company, which \u200bhave more than doubled this year, rose over 8% in extended trading. <\/p>\n
Here are some details: <\/p>\n
\u2022 Seagate has leveraged its heat-assisted magnetic recording (HAMR) technology, which uses tiny lasers to \u200chelp pack more data \u2060onto each disk, allowing it to boost hard-drive capacity and storage without building costly \u2060new manufacturing lines. <\/p>\n
\u2022 The company expects first-quarter revenue of $4.1 billion, plus or minus $100 million, above analysts’ average estimate of $3.75 \u200bbillion, \u200baccording to data compiled by \u200bLSEG. <\/p>\n
\u2022 Adjusted profit is \u200cexpected to be $7.30 per share, plus or minus 20 cents. On average, analysts expect $5.80 per share. <\/p>\n
\u2022 “As AI accelerates data generation and its value, we see durable long-term demand for mass capacity storage,” CEO Dave Mosley said. <\/p>\n
\u2022 \u200cThe results cap a strong year \u200bfor Seagate, on the back \u200bof surging demand \u200bfor its HDDs as large cloud companies \u200cbuild out the vast storage \u200binfrastructure required to \u200bsupport generative AI applications, allowing the company to raise prices. <\/p>\n
\u2022 Fourth-quarter revenue rose 48.5% to $3.63 billion, beating \u200bestimates of $3.49 \u200cbillion. Adjusted profit came in at $5.71 per share, compared \u200bwith estimates of $5.09. <\/p>\n
(Reporting by Anhata Rooprai in \u200bBengaluru; Editing by Sahal Muhammed) <\/p>\n","protected":false},"excerpt":{"rendered":"July 28 (Reuters) – Seagate Technology forecast quarterly revenue and profit above estimates on Tuesday, as the \u200crapid…\n","protected":false},"author":2,"featured_media":121947,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[6744,3013,61624,16243,61623,205,2611,61622,587],"class_list":["post-121946","post","type-post","status-publish","format-standard","has-post-thumbnail","category-agi","tag-agi","tag-artificial-general-intelligence","tag-capacity-storage","tag-estimates","tag-hard-disk-drives","tag-infrastructure","tag-quarterly-revenue","tag-robust-demand","tag-seagate-technology"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/121946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/comments?post=121946"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/121946\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media\/121947"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media?parent=121946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/categories?post=121946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/tags?post=121946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}