Seagate (STX) Reports Q3 Earnings: What Key Metrics Have to Say

Core Insights - Seagate reported $1.66 billion in revenue for the quarter ended March 2024, reflecting an 11% year-over-year decline, while EPS improved to $0.33 from -$0.28 a year ago [1] - The revenue fell slightly short of the Zacks Consensus Estimate of $1.67 billion, resulting in a surprise of -0.68%, but the EPS exceeded expectations by 22.22% compared to the consensus estimate of $0.27 [1] Performance Metrics - Seagate's stock has returned -3.4% over the past month, outperforming the Zacks S&P 500 composite's -4.2% change, and currently holds a Zacks Rank 3 (Hold) [2] - Capacity shipped for mass capacity HDDs was 88.5 EB, below the estimated 92.24 EB, while legacy HDDs shipped 10.6 EB against an estimate of 11.72 EB [3] - Revenue by product line showed HDD revenue at $1.48 billion, slightly below the average estimate of $1.49 billion, marking a year-over-year decline of 7.9% [3] - Enterprise Data Solutions, SSD & Other generated $178 million, exceeding the estimate of $175.92 million, but reflecting a significant 30.5% decline compared to the year-ago quarter [3] - Revenue from HDD mass capacity was reported at $1.18 billion, while legacy HDD revenue was $297 million, both slightly below their respective analyst estimates [3]