Core Viewpoint - Seagate Technology's stock surged by 16.6% following the announcement of a revenue growth target of 16% for Q2 of fiscal year 2026, supported by the promotion of its HAMR drives [1] Financial Performance - The company reported a strong start to fiscal year 2026, with a year-over-year revenue increase of 21% [1]

Core Insights - Seagate Technology shares surged by 13%, Western Digital increased by over 8%, and SanDisk rose by over 7%, indicating a positive market reaction in the storage technology sector [1][3]. Company Summaries - **Samsung Electronics**: Market cap not specified, year-to-date increase of 87%, recognized as the largest global manufacturer of NAND flash and DRAM, producing consumer and enterprise SSDs and storage services [3]. - **Micron Technology**: Market cap of $247.1 billion, year-to-date increase of 162%, a major player in storage chips covering DRAM, NAND flash, and SSDs across various sectors [3]. - **SK Hynix**: Market cap of $246.4 billion, year-to-date increase of 195%, a leading South Korean storage chip manufacturer with a focus on DRAM and NAND flash for consumer electronics and data centers [3]. - **Western Digital**: Market cap not specified, year-to-date increase of 1820%, specializes in traditional HDDs, SSDs, and memory chips for consumer and enterprise storage solutions [3]. - **Kioxia**: Market cap of $33.7 billion, year-to-date increase not specified, a key global NAND flash manufacturer focusing on 3D flash technology and providing SSDs and embedded storage [3]. - **Pure Storage**: Market cap of $31.4 billion, year-to-date increase of 55%, known for all-flash storage solutions with a focus on high performance and low latency for data centers and cloud-native storage [3]. - **SanDisk**: Market cap of $25.9 billion, year-to-date increase of 1066%, offers flash storage solutions including SSDs and memory cards, set to operate independently post-2025 [3]. - **Rambus**: Market cap not specified, year-to-date increase of 115%, supplies storage interface chips and IP, recently launched DDR5 memory solutions [3]. - **Seagate Technology**: Market cap of $9.2 billion, year-to-date increase of 171%, a leading HDD manufacturer also involved in SSDs and enterprise storage systems, focusing on cloud data center and edge storage needs [3].

Core Insights - Seagate Technology Holdings PLC reported better-than-expected first-quarter earnings, with earnings per share (EPS) of $2.61, surpassing the analyst estimate of $2.37, and quarterly revenue of $2.62 billion, exceeding the Street estimate of $2.54 billion [1][2] Financial Performance - The company experienced a revenue growth of 21% year-over-year in the September quarter, with non-GAAP EPS exceeding the high end of the guided range [2] - For the second quarter, Seagate projects adjusted EPS between $2.55 and $2.95, compared to the previous estimate of $2.62, and revenue is expected to be in the range of $2.6 billion to $2.8 billion, against the prior estimate of $2.65 billion [2] Stock Market Reaction - Following the earnings announcement, Seagate shares rose by 13.5%, trading at $253.00 [3] - Analysts have adjusted their price targets for Seagate, with Rosenblatt maintaining a Buy rating and raising the target from $250 to $270, while Barclays maintained an Equal-Weight rating and increased the target from $200 to $240 [5]

Market Overview - U.S. stock futures showed mixed performance following a previous advance, with Dow Jones down 0.25%, S&P 500 up 0.16%, Nasdaq 100 up 0.39%, and Russell 2000 down 0.18% [3] - The 10-year Treasury bond yielded 3.99% while the two-year bond was at 3.50% [3] Federal Reserve and Interest Rates - Investors are anticipating a 25 basis points cut in interest rates by the Federal Reserve, with a 99.9% likelihood projected by the CME Group's FedWatch tool [2] Company Earnings Reports - Microsoft Corp. is expected to report earnings of $2.97 per share on revenue of $10.61 billion [7] - Alphabet Inc. is projected to report earnings of $2.32 per share on revenue of $99.64 billion [6] - Meta Platforms Inc. is anticipated to report earnings of $8.11 per share on revenue of $57.21 billion [7] - Teradyne Inc. surged 20.91% after reporting better-than-expected third-quarter earnings [7] - Seagate Technology Holdings PLC shares climbed 7.17% after beating expectations in its first-quarter earnings report [7] Sector Performance - Consumer discretionary and information technology sectors gained on Tuesday, while real estate, utilities, and energy sectors recorded the largest losses [5] Analyst Insights - Analysts at BlackRock maintain a positive outlook on the economy and stock market, expecting Federal Reserve rate cuts to support risk assets [9] - BlackRock is overweight on U.S. equities, citing rate cuts and the impact of artificial intelligence on corporate earnings as key factors [10]

| STX 希捷科技 | | | | --- | --- | --- | | 223.000 ↓ -7.320 -3.18% | | 收盘价 10/28 16:00 美东 | | 238.180↑ 15.180 +6.81% | | 盘前价 10/29 04:53 美东 | | = Z1 4 5 P P ■ ♥ 白 ♥ 白 ♥ 白 ♥ 白 ♥ 白 ● 白 ● 白 ● 白 | | ● 快捷交易 | | 最高价 230.000 | 开盘价 229.180 | 成交量 650.1万 | | 最低价 217.670 | 昨收价 230.320 | 成交额 14.57亿 | | 平均价 224.122 | 市盈率 M 28.63 | 总市值 477.22亿元 | | 振 幅 5.35% | 市盈率(静) 32.94 | 总股本 2.14亿 | | 换手率 3.07% | 市净率 -758.503 | 流通值 472.58亿 | | 52周景高 264.830 | 委 比 25.00% | 流通股 2.12亿 | | 52周最低 62.659 | 量 比 1.80 | 色 手 1股 | | 历史最高 264.830 | ...

28 October 2025 | 4:20PM EDT Equity Research Seagate Technology (STX): First Take: Strong beat-and-raise quarter should send shares higher Key stock takeaways: We expect the stock to trade higher following a quarter which was above the Street, with stronger EPS guidance primarily driven by pricing. We believe investor expectations were elevated given growing confidence in continued pricing momentum as HDD shortages persist. We expect investors to focus on critical elements of management's commentary on the ...

Core Insights - Seagate Technology (NASDAQ: STX) reported Q1 earnings that significantly exceeded expectations, indicating strong demand for high-capacity storage solutions linked to AI infrastructure development [1] Financial Performance - The company delivered a commanding earnings beat, showcasing robust financial health and operational efficiency [1] Market Demand - The results signal a growing demand for high-capacity storage, particularly in relation to the ongoing buildout of AI infrastructure [1]

Core Insights - Seagate reported quarterly earnings of $2.61 per share, exceeding the Zacks Consensus Estimate of $2.36 per share, and showing a significant increase from $1.58 per share a year ago, resulting in an earnings surprise of +10.59% [1] - The company achieved revenues of $2.63 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.93% and up from $2.17 billion year-over-year [2] - Seagate's stock has increased by approximately 166.9% since the beginning of the year, significantly outperforming the S&P 500's gain of 16.9% [3] Earnings Outlook - The future performance of Seagate's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - Current consensus EPS estimate for the upcoming quarter is $2.53 on revenues of $2.59 billion, while for the current fiscal year, the estimate is $10.55 on revenues of $10.34 billion [7] Industry Context - The Computer - Integrated Systems industry, to which Seagate belongs, is currently ranked in the top 7% of over 250 Zacks industries, indicating a favorable outlook for stocks within this sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

Financial Data and Key Metrics Changes - Seagate reported revenue of $2.63 billion, representing an 8% sequential increase and a 21% year-over-year growth [15][23] - Non-GAAP gross margins reached a record 40.1%, up 220 basis points sequentially [15][19] - Non-GAAP operating margin expanded to 29%, a level last seen in fiscal 2012, with non-GAAP EPS of $2.61, exceeding guidance [6][15] Business Line Data and Key Metrics Changes - Data center revenue accounted for 80% of total revenue at $2.1 billion, up 13% sequentially and 34% year-over-year [16][18] - The company shipped 182 exabytes (EB) in the September quarter, a 32% increase year-over-year, with the majority delivered to global data center customers [15][16] - Edge IoT revenue made up the remaining 20% at $515 million, with expectations for seasonal improvement in the December quarter [18] Market Data and Key Metrics Changes - Demand from global cloud service providers (CSPs) continued to grow, with cloud exabyte demand increasing for the ninth consecutive quarter [17][18] - The average nearline drive capacity increased by 26% over the past year, contributing to exabyte volume growth [17] - The company noted a significant increase in unstructured data generation, particularly from video content, driving demand for hard drives [8][9] Company Strategy and Development Direction - Seagate is focused on executing its HAMR (Heat-Assisted Magnetic Recording) technology roadmap to meet growing exabyte needs [7][13] - The company aims to transition customers to higher-capacity drives, leveraging advancements in areal density as a competitive advantage [11][12] - Seagate is committed to returning at least 75% of free cash flow to shareholders over time, with a recent 3% increase in quarterly dividends [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of cash flow generation and the ongoing demand environment for high-capacity hard drives [6][15] - The company anticipates continued strong demand from global cloud data centers, projecting December quarter revenue in the range of $2.7 billion ±$100 million [23] - Management highlighted the transformative impact of AI on hard drive demand, particularly in relation to data storage needs [7][8] Other Important Information - Seagate's cash and cash equivalents increased by 25% sequentially to $2.4 billion, with a net leverage ratio of 1.5x [22] - The company shipped over 1 million Mosaic drives in the September quarter, with expectations to achieve 50% exabyte crossover on nearline HAMR drives in the second half of calendar 2026 [10][11] Q&A Session Summary Question: Plans to add capacity and supply chain bottlenecks - Management indicated that capacity will be added through product transitions rather than increasing unit capacity, focusing on exabyte capacity instead [28][29] Question: Update on HAMR rollout and customer adoption - Management confirmed that five global CSPs are now qualified on HAMR, contributing to revenue and profitability growth [33][34] Question: Expectations for incremental margins - Management acknowledged that current incremental margins are higher than previously projected, but variability is expected due to customer negotiations and product transitions [39][40] Question: Cost reduction expectations - Management stated that cost improvements are anticipated as higher capacity drives are transitioned, with ongoing focus on maintaining a balance between supply and demand [42][44] Question: Visibility of inference demand and seasonality - Management expressed confidence in the growth of inference demand driven by video content, with expectations for lower seasonal impacts due to the predominance of data center revenue [50][52] Question: Pricing strategy in a constrained environment - Management noted that pricing strategies have remained consistent, with slight increases during contract renegotiations, while transitioning customers to higher capacity products [56][58] Question: Managing supply and demand balance - Management emphasized the importance of predictable long-term plans from customers, which aids in managing supply chain challenges [102][103]

Seagate Technology Holdings (NasdaqGS:STX) Q1 2026 Earnings Call October 28, 2025 05:00 PM ET Company ParticipantsShanye Hudson - SVP of Investor RelationsKrish Sankar - Managing DirectorThomas O'Malley - Equity Research DirectorSteven Fox - Founder and CEOVijay Rakesh - Managing DirectorAmit Daryanani - Senior Managing DirectorAaron Rakers - Managing DirectorTimothy Arcuri - Managing DirectorCJ Muse - Senior Managing DirectorErik Woodring - Managing DirectorWamsi Mohan - Managing DirectorDave Mosley - Chai ...