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Seagate Technology Holdings PLC (STX-15.33%) has submitted its 10-Q filing for the quarterly period ended December 27, 2024.
The filing reports revenue of $2.3 billion for the quarter, an increase from $1.6 billion in the same quarter the previous year. The increase is attributed to higher demand for high capacity nearline drives from cloud and enterprise customers.
Gross margin for the quarter was 34.9%, up from 23% in the previous year, driven by favorable product mix and improved pricing.
Operating expenses for the quarter totaled $324 million, compared to $238 million in the previous year, with increases in product development and marketing expenses.
Net income for the quarter was $336 million, compared to a net loss of $19 million in the previous year. The improvement is attributed to increased revenue and gross margin.
Cash provided by operating activities was $316 million, while cash used in investing and financing activities was $138 million and $298 million, respectively.
Seagate reported cash and cash equivalents of $1.2 billion as of December 27, 2024, a decrease from $1.4 billion as of June 28, 2024.
The company declared a quarterly cash dividend of $0.72 per share, payable on April 2, 2025, to shareholders of record as of March 19, 2025.
Seagate continues to focus on increasing production levels to meet demand for higher capacity nearline products, despite temporary supply constraints.
The filing also details various legal proceedings, including a settlement agreement with the U.S. Department of Commerce's Bureau of Industry and Security regarding sales to Huawei.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seagate Technology Holdings PLC quarterly 10-Q report dated January 24, 2025. To report an error, please email earnings@qz.com.