Seagate Stock Climbs After Q1 Earnings Report: Here's Why

Core Viewpoint - Seagate Technology Holdings PLC reported strong first-quarter earnings, surpassing analyst expectations on both earnings per share and revenue, indicating robust performance and customer demand for its products [1][2][3]. Financial Performance - Quarterly earnings per share (EPS) were $2.61, exceeding the analyst estimate of $2.37 by 9.99% [1]. - Revenue for the quarter was $2.62 billion, beating the Street estimate of $2.54 billion [2]. - The company generated $532 million in cash flow from operations and $427 million in free cash flow during the first quarter [2]. Year-over-Year Growth - Seagate experienced a revenue growth of 21% year-over-year, reflecting strong execution and demand for high-capacity storage products [3]. Future Outlook - For the second quarter, Seagate projects adjusted EPS between $2.55 and $2.95, compared to the current estimate of $2.62, and revenue is expected to be in the range of $2.6 billion to $2.8 billion, against an estimate of $2.65 billion [3]. Stock Performance - Following the earnings report, Seagate's stock rose by 4.07%, reaching $232.07 in extended trading [4].