Forward-looking statements generally can be identified by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” “will continue,” “can,” “could” or the negative of these words, variations of these words and comparable terminology, in each case, intended to refer to future events or circumstances. Forward-looking statements include, among other things, statements about the Company’s plans, programs, strategies and prospects, financial outlook for future periods, including the fiscal first quarter 2023, expectations regarding the Company’s products, our ability to ramp production, storage industry trends and market demand, shifts in technology, the Company’s ability to meet market and industry expectations and the effects of these future trends, the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic or other macro disruptions, including the likelihood or significance of continuing supply chain disruptions, and expectations on the Company’s business for the fiscal quarter ending Septemand beyond.
Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A replay of the webcast will be available for at least 30 days following the event.Ĭautionary Note Regarding Forward-Looking Statements Seagate’s chief financial officer, Gianluca Romano will be presenting at the Deutsche Bank 2022 Technology Conference, which is scheduled to begin today at 10:30 AM PT / 1:30 PM ET.Ī live audio webcast of the presentation can be accessed online at Seagate’s Investor Relations website at.
Seagate quotseatools drivers#
The long-term demand drivers for mass capacity storage remain intact and Seagate’s strong product roadmap and deep customer relationships make us well positioned to capture these significant future growth opportunities,” Mosley concluded. We continue to see solid demand for our 20+ terabyte product family and remain on-track for volume and revenue crossover with the 18-terabyte platform in the September quarter. The combination of lower revenue, increased under-utilization charges and less favorable product mix in the September quarter will result in a sequential decline in margins, with non-GAAP EPS now expected to be meaningfully below our prior guidance of at least $1.20. We are further reducing our production output, lowering expenses, and moderating fiscal 2023 capital investments. “As we operate under these dynamic market conditions, we continue to take proactive steps to minimize the impacts to the business. These external factors are impacting near-term mass capacity demand while continuing to weigh on the consumer centric legacy markets,” said Dave Mosley, Seagate’s chief executive officer. cloud customers amid ongoing macro-economic uncertainties. We have also seen more cautious buying behavior among global Enterprise / OEM and certain U.S. “Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions.
Seagate quotseatools plus#
Seagate now expects fiscal first quarter revenue of $2.1 billion plus or minus $100 million, which compares to the Company’s previous guidance range of $2.5 billion plus or minus $150 million. Seagate Technology Holdings plc (NASDAQ: STX) (the “Company” or “Seagate”), a world leader in data storage and infrastructure solutions, today announced that it is lowering its business outlook for the fiscal first quarter ending September 30, 2022, against a worsening macro-economic backdrop.
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