Group 1 - Seagate reported quarterly earnings of $1.90 per share, exceeding the Zacks Consensus Estimate of $1.76 per share, and showing a significant increase from $0.33 per share a year ago, representing an earnings surprise of 7.95% [1] - The company achieved revenues of $2.16 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.34%, and up from $1.66 billion year-over-year [2] - Seagate has consistently outperformed consensus EPS and revenue estimates over the last four quarters, indicating strong operational performance [2] Group 2 - The stock's immediate price movement will largely depend on management's commentary during the earnings call, as well as future earnings expectations [3][4] - Despite outperforming the market this year, the current estimate revisions trend for Seagate is unfavorable, resulting in a Zacks Rank 4 (Sell), suggesting potential underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $2.28 on revenues of $2.4 billion, and for the current fiscal year, it is $7.60 on revenues of $9.02 billion [7] Group 3 - The Computer - Integrated Systems industry, to which Seagate belongs, is currently ranked in the bottom 31% of over 250 Zacks industries, which may negatively impact stock performance [8] - Another company in the same industry, IonQ, Inc., is expected to report a quarterly loss of $0.27 per share, reflecting a year-over-year decline of 42.1%, with revenues projected at $7.5 million, down 1.1% from the previous year [9]

Financial Data and Key Metrics Changes - Seagate reported a 31% year-on-year increase in revenue, reaching $2.16 billion, and an 81% growth in non-GAAP gross profit dollars [6][15] - Non-GAAP gross margin expanded by 70 basis points sequentially to 36.2%, and non-GAAP operating margin increased to 23.5% of revenue [15][18] - Non-GAAP EPS was $1.90, at the top end of the guidance range, with free cash flow generation increasing to $216 million compared to $150 million in the prior period [20][21] Business Line Data and Key Metrics Changes - Alt drive revenue was $2 billion, down 8% sequentially, while mass capacity revenue declined by $145 million to $1.7 billion, representing a 48% increase year-on-year [16] - Nearline represented roughly 90% of mass capacity volume, with shipments of 120 exabytes, down 5% sequentially but up 55% year-on-year [17] - Sales of legacy products totaled $254 million, down 8% sequentially, while revenue from other businesses remained flat at $157 million [17] Market Data and Key Metrics Changes - Cloud nearline revenue and exabytes were up nearly 10% sequentially, almost doubling year-over-year amid a tight supply environment [10] - Demand for mass capacity storage is aligned with the cloud CapEx investment cycle and ongoing data center infrastructure build-out to support AI transformations [10][11] - Nearline exabyte demand looks strong through calendar 2025, with visibility of demand extending into the first half of calendar 2026 [12] Company Strategy and Development Direction - Seagate is focusing on managing controllable factors while executing its aerial density-driven technology roadmap, which enhances customer value [9] - The company is ramping up shipments of high-capacity drives and expects significant increases in HAMR product shipments in the coming quarters [13][14] - Seagate's transformation towards a profit and cash generation-focused business model is expected to capitalize on the growing demand for mass capacity storage [25] Management's Comments on Operating Environment and Future Outlook - Management expects minimal impact from trade policy changes on fourth-quarter financial performance and is monitoring the situation closely [8] - The company anticipates continued robust demand for high-capacity nearline products, with revenue forecasted to be in the range of $2.4 billion for June [23] - Management remains optimistic about the long-term growth prospects driven by increasing data generation and the value of data [25] Other Important Information - Seagate's debt balance was $5.1 billion at the end of March, with a net leverage ratio of 2.1 times, and plans to continue reducing debt [22] - The company returned $152 million to shareholders through dividends and maintained ample liquidity of $2.1 billion [21] Q&A Session Summary Question: Can you help us understand how and where you got some of the upside in the quarter with the supply shortage? - Management indicated that the predictability built through the build-to-order process allowed them to guide the same revenue expectations a month ago, despite previous operational issues being resolved [29][30] Question: Where are you with HAMR qualifications and how much did it contribute to the March results? - Management confirmed that HAMR is growing well, with significant contributions expected as qualifications progress [34][36] Question: How has your visibility improved regarding new demand from neo clouds? - Management noted that build-to-order agreements provide better visibility into demand, and customers are making data center investments due to the importance of data infrastructure [40][41] Question: Why are margins not seeing more upside in June despite expected increases in nearline? - Management explained that while nearline and cloud demand is expected to be higher, pricing dynamics and contract negotiations will influence margin outcomes [43][45] Question: How do you see the impact of tariffs on your financial model? - Management stated that passing through tariff-related costs would be a last resort, and they are focused on maintaining margins through value-added negotiations [50][51] Question: What is the expected contribution of HAMR to your bits as you progress through calendar 2025? - Management expressed confidence in the increasing presence of HAMR drives as qualifications complete, contributing significantly to future growth [73] Question: How do you see the impact of emerging AI inference storage on your long-term TAM? - Management highlighted the potential for increased storage demand driven by AI applications, emphasizing the importance of data infrastructure [64][66]

Financial Data and Key Metrics Changes - Seagate reported a 31% year-on-year increase in revenue, reaching $2.16 billion, and an 81% growth in non-GAAP gross profit dollars [5][13] - Non-GAAP gross margin expanded by 70 basis points sequentially to 36.2%, and non-GAAP operating margin increased to 23.5% of revenue [13][16] - Non-GAAP EPS was $1.90, at the top end of the guidance range, with free cash flow generation increasing to $216 million compared to $150 million in the prior period [18][19] Business Line Data and Key Metrics Changes - Nearline revenue represented approximately 90% of mass capacity volume, with shipments of 120 exabytes, down 5% sequentially but up 55% year-on-year [15] - Mass capacity revenue declined sequentially by $145 million to $1.7 billion, but represented a 48% increase year-on-year [14] - Legacy product sales totaled $254 million, down 8% sequentially, reflecting expected seasonal trends [15] Market Data and Key Metrics Changes - Cloud nearline revenue and exabytes were up nearly 10% sequentially, almost doubling year-over-year amid a tight supply environment [8] - Demand for mass capacity storage aligns with the cloud CapEx investment cycle and ongoing data center infrastructure build-out to support AI transformations [8][10] - Nearline exabyte demand looks strong through calendar 2025, with visibility of demand extending into the first half of calendar 2026 [10] Company Strategy and Development Direction - The company is focused on managing controllable factors while executing its aerial density-driven technology roadmap [7] - Seagate's HAMR-based Mosaic drives are positioned as the industry's only three terabyte per disk products, with ramping volume to qualified customers [7][12] - The company aims to transform its business model to prioritize profits and cash generation, capitalizing on the growth in data generation and value [23] Management's Comments on Operating Environment and Future Outlook - Management expects minimal impact from trade policy changes on fourth-quarter financial performance and is monitoring the situation closely [6][20] - The company anticipates robust demand for high-capacity nearline products across the global cloud customer base, driving revenue and profits higher in the upcoming quarter [20] - Management expressed confidence in the long-term growth potential driven by increasing data generation and the need for mass capacity storage [23] Other Important Information - The company returned $152 million to shareholders through dividends and maintained liquidity of $2.1 billion at the end of March [19] - Seagate's debt balance was $5.1 billion, with a net leverage ratio of 2.1 times, and plans for further reduction in the coming quarters [19] Q&A Session Summary Question: How did Seagate manage upside in the quarter despite supply constraints? - Management indicated that the predictability built through the build-to-order process allowed them to guide revenue effectively, despite previous operational issues being resolved [29][30] Question: What is the status of HAMR qualifications and its contribution to results? - Management confirmed that HAMR is growing well, with several qualifications in progress, and that it contributed positively to the quarter's results [34][37] Question: How has visibility improved regarding customer demand? - Management noted that build-to-order models provide predictability, and there is a sense of urgency from customers for data center investments [41][42] Question: What is the impact of tariffs on financial models? - Management stated that passing through tariff-related costs would be a last resort, and they are focused on maintaining margins to reinvest in technology [50][52] Question: What is the outlook for revenue growth and gross margin in the back half of the year? - Management expressed confidence in sequential revenue growth and gross margin expansion, with strong demand visibility extending into early 2026 [55][58] Question: How does the company view the impact of emerging AI workloads on storage demand? - Management highlighted that AI workloads are expected to drive significant storage demand, particularly for video applications and large datasets [64][65]

Exhibit 99.1 Investor Relations Contact: Shanye Hudson, (510) 661-1600 shanye.hudson@seagate.com Media Contact: Karin Taylor, (408) 772-8279 karin.h.taylor@seagate.com SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2025 FINANCIAL RESULTS Fiscal Q3 2025 Highlights FREMONT, CA – April 29, 2025 - Seagate Technology Holdings plc (NASDAQ: STX) (the "Company" or "Seagate"), a leading innovator of mass-capacity data storage, today reported financial results for its fiscal third quarter ended March 28, 2025. "Seag ...

Core Viewpoint - Seagate Technology Holdings plc is set to report its third-quarter fiscal 2025 earnings, with expectations of revenue growth driven by mass capacity demand, particularly from cloud customers and AI applications [1][2][3]. Financial Estimates - The Zacks Consensus Estimate for earnings is $1.75 per share, unchanged over the past 30 days, compared to non-GAAP earnings of 33 cents per share in the same quarter last year [1]. - Management anticipates revenues of approximately $2.1 billion, with non-GAAP earnings expected to be $1.70 per share [2]. - Revenue estimates for the HDD segment are projected at $1.989 billion, reflecting a 34.7% increase year-over-year, while non-HDD segment revenues are expected to decline by 15.6% to $150.2 million [8]. Market Dynamics - Seagate expects continued improvements in mass capacity due to rising nearline demand from global cloud customers and enhancements in enterprise and OEM markets [2]. - The company has increased production of its 24-28 terabyte PMR drives, which are now its top-selling product line [4]. - The demand for HDDs is anticipated to rise as cloud service providers focus on AI application development and infrastructure [3]. Revenue and Margin Expectations - Mass capacity revenues are expected to increase by 50.1% year-over-year to $1.77 billion in the fiscal third quarter [7]. - Non-GAAP gross margin is projected to be 35.8%, up from 26.1% in the prior-year quarter, benefiting from strong demand for new nearline products and pricing actions [9]. Supply Chain and Operational Challenges - Supply chain issues are expected to impact revenues by approximately $200 million, although the company plans to meet build-to-order commitments [2]. - Non-GAAP operating expenses for the fiscal third quarter are estimated at $290 million [9]. Earnings Prediction - Current models do not predict an earnings beat for Seagate, with an Earnings ESP of -1.28% and a Zacks Rank of 5 (Strong Sell) [10].

Seagate (STX) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move ...

Seagate Technology Holdings plc (NASDAQ: STX ) is due to report earnings on the 22 nd of April, so I wanted to go through some numbers as well as what I am looking out for fromMSc in Finance. Long-term horizon investor mostly with 5-10 year horizon. I like to keep investing simple. I believe a portfolio should consist of a mix of growth, value, and dividend-paying stocks but usually end up looking for value more than anything. I also sell options from time to time.Analyst’s Disclosure: I/we have no stock, o ...

Seagate (STX) shares rallied 11.7% in the last trading session to close at $74.29. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.5% loss over the past four weeks.The increase in share price can attributed to President Trump’s announcement of a 90-day pause on reciprocal tariffs, barring China. This led to increases for most stocks including Seagate and subsequent skyrocketing indices.Seagate is well-pois ...

Group 1 - The article discusses significant changes in the tech sector since September, highlighting events like CES and the introduction of DeepSeek's R1 generative AI model [1] - The author emphasizes a bullish investment strategy focused on companies with strong fundamentals, particularly in revenue and earnings growth, while also considering market sentiment [1] Group 2 - The author has a background in the investment industry, influenced by family experience, which shapes their analytical approach [1] - The analysis style includes fundamental and sentiment analysis, with a preference for identifying opportunities across various industries [1]

Company Overview - Seagate Technology Holdings plc (STX) is positioned to benefit from strong momentum in mass capacity, which is a significant contributor to its revenues [1] - Mass capacity revenues increased by 79% year over year and 9% sequentially, driven by robust cloud demand [1] Nearline Revenue Growth - Nearline revenues nearly doubled in Q2 of fiscal 2025 compared to the previous year, reflecting a 60% growth for 2024 [2] - This growth is attributed to strong demand from cloud service providers and Enterprise/OEM clients, aligning with a 50% increase in cloud capital expenditures by customers in 2024 [2] Cloud and AI Integration - Cloud service providers are increasingly focusing on AI application development and cloud infrastructure deployment, with HDDs expected to play a crucial role in this transition [3] - Seagate anticipates a rise in HDD demand as these trends continue [3] Revenue Projections - Management forecasts Q3 fiscal 2025 revenues to be around $2.1 billion (+/- $150 million), with an estimate of $2,140.1 million [4] - Strong cloud demand is expected to mitigate seasonal declines in other markets, despite supply chain challenges potentially impacting revenues by $200 million [4] Product Innovations - Seagate has ramped up production of its 24-28 terabyte PMR drives, which are now the top-selling product line [6] - The company is scaling up production of HAMR-based Mozaic products and has achieved significant milestones with capacities up to 36 terabytes [7] Competitive Landscape - The data storage industry is experiencing intense competition, which could lead to pricing pressures affecting margin performance [8] - Seagate faces competition from companies like Western Digital Corporation (WDC), NetApp Inc (NTAP), and Pure Storage, Inc (PSTG) in both HDD and SSD markets [9] Competitor Insights - Western Digital has separated its HDD and Flash businesses into independent companies, focusing on innovation in storage technologies [10] - NetApp is seeing strong demand for its all-flash portfolio, with a reported annualized net revenue run rate of $3.8 billion, up 10% year over year [12] - Pure Storage reported an 11% revenue increase to $879.8 million, driven by record sales across its product offerings [13]