Seagate(US:STX) 智通财经网·2026-01-28 01:54Core Viewpoint - Seagate Technology (STX.US) reported strong quarterly results and future guidance, driven by unprecedented demand for high-performance nearline HDDs and enterprise SSDs, exceeding Wall Street expectations [1][2]. Financial Performance - Seagate's Q2 revenue reached approximately $2.83 billion, a significant 22% year-over-year increase, surpassing analyst expectations of $2.73 billion [2][3]. - The adjusted EPS for Q2 was $3.11, exceeding the forecast of $2.81 [2][3]. - The company achieved a record non-GAAP gross margin of 42.2%, up from 35.5% year-over-year, and a non-GAAP operating margin of 31.9%, compared to 23.1% in the previous year [3][4]. Market Outlook - Seagate's management anticipates Q3 revenue of $2.9 billion, significantly above the analyst consensus of $2.77 billion, reflecting strong demand driven by AI applications [2][5]. - The company expects to maintain high performance in HDD and SSD segments, with nearline HDD capacity fully booked through 2026 [6][7]. Industry Trends - The AI data center construction is driving unprecedented demand for storage solutions, benefiting traditional hardware suppliers like Seagate, Western Digital, and SanDisk [2][5]. - The ongoing "storage supercycle" is expected to last until at least 2028, with significant growth in NAND and HBM markets [10][11]. Strategic Initiatives - Seagate has optimized its capital structure by repaying $500 million in convertible debt and distributing $154 million in cash dividends, indicating confidence in future cash flow growth [10]. - The company is focusing on high-density storage solutions to meet evolving data storage needs, particularly in AI-driven environments [6][7].