Welcome to our dedicated page for Seagate Technology Holdings PLC Ordinary Shares (Ireland) news (Ticker: STX), a resource for investors and traders seeking the latest updates and insights on Seagate Technology Holdings PLC Ordinary Shares (Ireland) stock.
Seagate Technology Holdings PLC (Ireland) (symbol: STX) is a leading global company known for its precision-engineered data storage technologies. Founded in 1979, Seagate has consistently been at the forefront of innovation in the data storage industry. The company specializes in providing hard disk drives (HDDs) and other data storage solutions for both enterprise and consumer markets.
Seagate is a critical player in the data storage industry, forming a practical duopoly with its main competitor, Western Digital. Both companies are vertically integrated, meaning they manage nearly all aspects of production and distribution, ensuring high-quality and reliable products.
With a diverse workforce of 40,000 employees spread across key global hubs such as Silicon Valley, the United Kingdom, Singapore, India, and China, Seagate leverages its international presence to drive technological advancements and meet the growing demand for data storage solutions. The company's expertise in creating storage solutions that offer superior capacity, speed, safety, and performance makes it a preferred choice for businesses and consumers alike.
Seagate's recent achievements include advancements in HAMR (Heat-Assisted Magnetic Recording) technology, which promises to significantly enhance data storage density and efficiency. Moreover, Seagate is actively involved in developing edge and cloud storage solutions, thereby catering to the needs of modern data-centric applications and industries.
In terms of financial health, Seagate has consistently shown robust performance, reporting solid earnings and maintaining a stable financial outlook. The company has also established numerous partnerships with other technology firms to further enhance its product offerings and market reach.
Seagate remains committed to harnessing data to maximize human potential, continually pushing the boundaries of what is possible in data storage technology. As data continues to grow exponentially in today's digital age, Seagate's role in providing reliable and efficient storage solutions becomes increasingly essential.
Seagate's Lyve Cloud storage service is expanding into the UK, aiming to help businesses tackle rising data management costs. A survey reveals UK firms spend an average of £213,000 annually on data storage, with over 50% labeling these costs as 'unsustainable.' The study highlights a growing concern among IT leaders, with 90% acknowledging rising expenses. Seagate's Lyve Cloud is designed to reduce costs and boost innovation, offering S3-compatible solutions. Launched in the U.S. in 2021, it has over 50 partners, including UK customers like Twickenham Studios.
Seagate HDD Cayman, a subsidiary of Seagate Technology Holdings (NASDAQ: STX), has announced the expiration of the early exchange period for its exchange offers, allowing eligible holders to exchange existing debt securities for up to $750 million in new 9.625% Senior Notes due 2032. The increase in the issuance limit from $500 million was confirmed, and as of November 28, 2022, $1.31 billion of existing notes were tendered. The maximum amount of new notes to be issued exceeds the limit, leading the company not to accept notes tendered post-early exchange date.
Hammerspace collaborates with Seagate (NASDAQ: STX) to offer bundled solutions for data-centric businesses facing challenges with large data sets. Available until March 31, 2023, these bundles facilitate seamless data access across cloud and on-premises systems. Key components include Seagate’s Exos CORVAULT for massive storage and Lyve Cloud for efficient object storage. The collaboration aims to provide hybrid-cloud capabilities, eliminating data silos, and ensuring predictable public cloud pricing without hidden fees, enhancing data control and scalability for enterprises.
Seagate Technology Holdings plc (NASDAQ: STX) announced management's participation in two upcoming investor events. The first is the Credit Suisse 26th Annual Technology Conference on November 29, 2022, at 11:20 AM PT. The second event is the UBS Global TMT Conference on December 6, 2022, at 5:20 AM PT. Live webcasts will be available on Seagate’s Investor Relations website, with replays accessible for 30 days post-event. Seagate continues to lead in mass-data storage with over three billion terabytes of data shipped globally.
Seagate HDD Cayman, a subsidiary of Seagate Technology Holdings (NASDAQ: STX), announced the start of exchange offers for eligible holders of its existing debt securities. The company aims to exchange up to $500 million in outstanding debt for new 9.625% Senior Notes due 2032. The exchange is subject to a minimum of $300 million and is set to expire on December 12, 2022. Holders tendering their existing notes by an early deadline may receive additional early exchange consideration.
Seagate Technology has appointed Robert Bruggeworth to its Board of Directors effective November 9, 2022. He will also join the Audit and Finance Committee. Bruggeworth brings over 20 years of executive leadership experience, including his role as CEO of Qorvo. He has held senior positions at AMP and has served on various boards including MSA Safety and the Semiconductor Industry Association. His extensive experience in technology and leadership is expected to enhance Seagate's strategic direction.
Seagate Technology reported $2.04 billion in revenue for Q1 2023, down from $3.12 billion in the same quarter last year. GAAP diluted EPS was $0.14, compared to $2.28 a year prior, while non-GAAP diluted EPS stood at $0.48. The company generated $245 million in cash flow from operations and $112 million in free cash flow. A restructuring plan was announced to cut costs, expecting annualized savings of $110 million. A cash dividend of $0.70 per share was declared, payable in January 2023.
Seagate Technology Holdings plc (NASDAQ: STX) will announce its fiscal Q1 2023 financial results on October 26, 2022, prior to market opening. A conference call to discuss the results is scheduled for 6:00 a.m. Pacific / 9:00 a.m. Eastern on the same day. Interested parties can access the live audio webcast via Seagate’s Investor Relations website. The company has a long-standing history in data storage, having shipped over three billion terabytes of data capacity.
Seagate Technology Holdings plc (NASDAQ: STX) has launched the Lyve Cloud Analytics platform, designed to enhance data utilization for enterprises. The platform offers cloud-based analytics, storage, and compute capabilities, enabling up to 40% cost savings compared to competitors. It addresses challenges in multicloud data access and aims to boost efficiency and innovation in data-intensive industries like manufacturing and healthcare. Seagate's own analytics framework has cut production implementation time from 12-18 months to under 4 months, leading to significant capital savings.
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