Seagate (STX) Climbs 17.8% on Earnings Blowout

Core Insights - Seagate Technology Holdings plc (NASDAQ:STX) experienced a significant share price increase, reaching an all-time high of $457.84 before a subsequent decline of 8.71% to $407.69 due to profit-taking [2] - The company reported a remarkable 76% increase in net income, rising to $593 million from $336 million year-on-year, alongside a 21.5% revenue growth to $2.8 billion from $2.3 billion [3] - Seagate's strong performance in the second quarter of fiscal year 2026 was attributed to operational excellence and robust demand in data centers, as highlighted by Chairman and CEO Dave Mosley [4] Financial Performance - For the third quarter ending March, Seagate is projecting revenues to reach $2.9 billion, with a potential variance of $100 million, and diluted EPS of $3.40, with a variance of $0.20 [6] - The company's gross margin, operating margin, and non-GAAP EPS all set new records, indicating strong operational execution [4] Market Position and Future Outlook - The demand for storage solutions is expected to grow significantly due to AI applications, with Seagate's product roadmap focusing on performance and cost-efficiency at exabyte-scale [5] - The company aims to create substantial value for customers and shareholders by meeting evolving storage requirements [5]