Why Seagate Technology Stock Is Skyrocketing Today

Core Insights - Seagate Technology's stock surged 19.3% following a strong quarterly report, with sales and earnings exceeding expectations [1][3][8] Financial Performance - Seagate reported non-GAAP earnings per share of $2.61 on sales of $2.63 billion for fiscal Q1, surpassing analyst estimates by $0.21 per share and sales forecasts by $80 million [3][4] - Revenue increased approximately 21% year over year, while adjusted earnings surged roughly 65% compared to the prior-year period [4] Future Guidance - For fiscal Q2, Seagate targets sales between $2.6 billion and $2.8 billion, with a midpoint that exceeds the average analyst estimate of $2.67 billion [5] - Adjusted earnings per share are projected to be between $2.55 and $2.95, with a midpoint target of $2.75, also above Wall Street's target of $2.67 [5] Dividend Announcement - Seagate announced a quarterly dividend increase from $0.72 to $0.74 per share, representing a 2.8% increase [6] - The company's forward yield stands at 1.1%, supported by strong cash-flow growth that may lead to further dividend increases [6]