Seagate's Q4 Earnings & Revenues Beat, Improve Y/Y on Cloud Momentum

Higher mass capacity revenues were driven by stronger nearline cloud demand. Mass capacity revenues surged 40% year over year to $2 billion. In the June quarter, nearline drives accounted for 91% of the total mass capacity exabytes shipped. Nearline shipments to cloud and edge data centers comprised most of the mass capacity volume. In addition to strong demand from cloud providers, nearline sales to enterprise and OEM customers saw slight quarter-over- quarter growth, and demand is expected to remain stead ...