Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.


July 24, 2024 by our News Team

Seagate Technology Holdings plc reports strong financial results for Q4 and fiscal year 2024, driven by growing demand for cloud services and their HAMR technology, with plans to continue driving profitability and innovation in the data storage industry.

  • 18% increase in Q4 revenue compared to previous year
  • Non-GAAP gross margin expanded to nearly 31%
  • HAMR technology allows for higher data storage capacities


Seagate Technology Holdings plc, a major player in the world of mass-capacity data storage, has just released its financial results for the fourth quarter and fiscal year that ended on June 28, 2024. And let me tell you, folks, they are looking pretty good.

According to Dave Mosley, Seagate’s CEO, the company had a fantastic June quarter, thanks to a growing demand for cloud services. In fact, their Q4 revenue shot up by a whopping 18% compared to the previous year. Not too shabby, right? But that’s not all. Their non-GAAP gross margin also expanded to nearly 31%, and their non-GAAP EPS exceeded expectations. Talk about hitting it out of the park!

Looking ahead to fiscal 2025, Seagate is laser-focused on driving profitability and maintaining supply discipline. They’re also committed to executing their mass capacity product roadmap, which is anchored by their HAMR technology. Now, I know what you’re thinking: “What the heck is HAMR technology?” Well, my friends, HAMR stands for Heat-Assisted Magnetic Recording, and it’s a technology that allows for higher data storage capacities. It’s like having a magic wand for your hard drive!

But here’s the real kicker: Seagate’s data storage solutions offer cloud and enterprise customers some serious advantages. We’re talking cost savings, power efficiency, and even space optimization. And you know what that means? It means that companies can invest more in critical AI and other data-driven initiatives. So not only is Seagate making bank, but they’re also helping businesses thrive in this ever-evolving digital landscape.

Now, let’s talk numbers for a moment. During the fourth quarter of fiscal 2024, Seagate raked in a cool $434 million in cash flow from operations. They also generated $380 million in free cash flow and returned $147 million of capital to their beloved shareholders through their quarterly dividend. And that’s not all. They even managed to sell their System-on-Chip Operations for a whopping $600 million. Cha-ching!

But wait, there’s more! Seagate also issued $1.5 billion of convertible notes during the fiscal year to primarily retire its term loans in the first quarter. Talk about a power move. As of the end of the fiscal year, they had approximately $1.4 billion in cash and cash equivalents, and around 210 million ordinary shares issued and outstanding. They’re basically swimming in money over there!

Now, let’s get down to the nitty-gritty. Seagate’s Board of Directors has declared a quarterly cash dividend of $0.70 per share, which will be paid out on October 7, 2024. But here’s the thing: the payment of future dividends will be at the discretion of the Board. They’ll have to take into account Seagate’s financial position, results of operations, available cash, and other factors. So no guarantees, folks.

Looking ahead to the future, Seagate has provided some guidance for its fiscal first quarter of 2025. They’re expecting revenue of around $2.10 billion, give or take $150 million. And when it comes to non-GAAP diluted EPS, they’re looking at around $1.40, plus or minus $0.20. Now, I won’t bore you with all the technical details, but just know that these numbers exclude certain charges related to estimated share-based compensation expenses.

If you’re itching for more information, Seagate has released a Supplemental Financial Information document that you can find on their Investor Relations website. And if you’re really hungry for all things Seagate, you can tune into their public webcast today at 2:00 PM PT / 5:00 PM ET. It’s like a front-row seat to all the financial action!

So there you have it, folks. Seagate is on fire, bringing in the big bucks and stirring up the world of data storage. With their focus on driving profitability, maintaining supply discipline, and pushing the boundaries of technology, they’re definitely a force to be reckoned with. And who knows what the future holds for Seagate? All I can say is, watch this space.

Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.

Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.

Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.

Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.

Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.

Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.

Seagate Tech introduces fiscal Q4 and FY 2024 financial outcomes, showcasing growth.

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Background Information


About Seagate: Seagate Technology, founded in 1978, is a leading data storage solutions provider that specializes in hard drives and storage solutions for consumers, businesses, and data centers. With a reputation for reliability and innovation, Seagate's products address diverse storage needs, from individual data storage to large-scale enterprise environments. The company has played a crucial role in shaping the data storage landscape and continues to be at the forefront of technological advancements.

Seagate website  Seagate LinkedIn



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