Seagate Technology Holdings plc (NASDAQ: STX) (the “Company” or
“Seagate”), a world leader in data storage and infrastructure
solutions, today announced that it is lowering its business outlook
for the fiscal first quarter ending September 30, 2022, against a
worsening macro-economic backdrop.
Seagate now expects fiscal first quarter revenue of $2.1 billion
plus or minus $100 million, which compares to the Company’s
previous guidance range of $2.5 billion plus or minus $150
million.
“Since our earnings call in mid-July, weaker economic trends in
certain Asian regions have amplified customer inventory corrections
and supply chain disruptions. We have also seen more cautious
buying behavior among global Enterprise / OEM and certain U.S.
cloud customers amid ongoing macro-economic uncertainties. These
external factors are impacting near-term mass capacity demand while
continuing to weigh on the consumer centric legacy markets,” said
Dave Mosley, Seagate’s chief executive officer.
“As we operate under these dynamic market conditions, we
continue to take proactive steps to minimize the impacts to the
business. We are further reducing our production output, lowering
expenses, and moderating fiscal 2023 capital investments. The
combination of lower revenue, increased under-utilization charges
and less favorable product mix in the September quarter will result
in a sequential decline in margins, with non-GAAP EPS now expected
to be meaningfully below our prior guidance of at least $1.20.
We continue to see solid demand for our 20+ terabyte product
family and remain on-track for volume and revenue crossover with
the 18-terabyte platform in the September quarter. The long-term
demand drivers for mass capacity storage remain intact and
Seagate’s strong product roadmap and deep customer relationships
make us well positioned to capture these significant future growth
opportunities,” Mosley concluded.
Investor Event
Seagate’s chief financial officer, Gianluca Romano will be
presenting at the Deutsche Bank 2022 Technology Conference, which
is scheduled to begin today at 10:30 AM PT / 1:30 PM ET.
A live audio webcast of the presentation can be accessed online
at Seagate’s Investor Relations website at investors.seagate.com. A
replay of the webcast will be available for at least 30 days
following the event.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements provide current expectations of
future events based on certain assumptions and include any
statement that does not directly relate to any historical fact.
Forward-looking statements include, among other things, statements
about the Company’s plans, programs, strategies and prospects,
financial outlook for future periods, including the fiscal first
quarter 2023, expectations regarding the Company’s products, our
ability to ramp production, storage industry trends and market
demand, shifts in technology, the Company’s ability to meet market
and industry expectations and the effects of these future trends,
the possible effects of the economic conditions worldwide resulting
from the COVID-19 pandemic or other macro disruptions, including
the likelihood or significance of continuing supply chain
disruptions, and expectations on the Company’s business for the
fiscal quarter ending September 30, 2022 and beyond.
Forward-looking statements generally can be identified by words
such as “expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “projects,” “should,” “may,” “will,” “will
continue,” “can,” “could” or the negative of these words,
variations of these words and comparable terminology, in each case,
intended to refer to future events or circumstances. However, the
absence of these words or similar expressions does not mean that a
statement is not forward-looking. Forward-looking statements are
subject to various uncertainties and risks that could cause our
actual results to differ materially from historical experience and
our present expectations or projections. These risks and
uncertainties include, but are not limited to, those described
under the captions “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s Annual Report on Form 10-K for the year ended July 1,
2022. Undue reliance should not be placed on the forward-looking
statements in this press release, which are based on information
available to the Company on, and which speak only as of, the date
hereof. The Company undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, unless required by applicable law.
The inclusion of Seagate’s website addresses in this press
release are provided for convenience only. The information
contained in, or that can be accessed through, Seagate’s websites
and social media channels are not part of this press release.
Use of non-GAAP financial information
The Company uses non-GAAP measures of gross profit, gross
margin, operating expenses, income from operations, operating
margin, net income, diluted EPS, and free cash flow, which are
adjusted from results based on GAAP to exclude certain benefits,
expenses, gains and losses. These non-GAAP financial measures are
provided to enhance the user’s overall understanding of the
Company’s current financial performance and its prospects for the
future. Specifically, the Company believes non-GAAP results provide
useful information to both management and investors as these
non-GAAP results exclude certain benefits, expenses, gains and
losses that it believes are not indicative of its core operating
results and because it is similar to the approach used in
connection with the financial models and estimates published by
financial analysts who follow the Company.
These non-GAAP results are some of the measurements management
uses to assess the Company’s performance, allocate resources and
plan for future periods. Reported non-GAAP results should only be
considered as supplemental to results prepared in accordance with
GAAP, and not considered as a substitute or replacement for, or
superior to, GAAP results. These non-GAAP measures may differ from
the non-GAAP measures reported by other companies in its
industry.
Definitions of the Company’s non-GAAP financial measures are
available in the Company’s press release announcing earnings for
the fiscal fourth quarter of 2022 which is available on the
Company’s website.
About Seagate
Seagate Technology crafts the datasphere, helping to maximize
humanity’s potential by innovating world-class,
precision-engineered mass-data storage and management solutions
with a focus on sustainable partnerships. A global technology
leader for more than 40 years, the company has shipped over three
billion terabytes of data capacity. Learn more about Seagate by
visiting www.seagate.com or following us on Twitter, Facebook,
LinkedIn, YouTube, and subscribing to our blog.
© 2022 Seagate Technology LLC. All rights reserved. Seagate,
Seagate Technology, and the Spiral logo are registered trademarks
of Seagate Technology LLC in the United States and/or other
countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20220831005267/en/
Media Contact: Gregory Belloni (415) 235-9092
gregory.belloni@seagate.com
Investor Relations Contact: Shanye Hudson (510) 661-1600
shanye.hudson@seagate.com
Seagate Technology (NASDAQ:STX)
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