Seagate Technology Holdings PLC Ordinary Shares (Ireland) - STX STOCK NEWS

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.

Seagate Technology Holdings (NASDAQ: STX) has unveiled its next-generation Exos X systems, which promise up to twice the performance of previous models. The new storage arrays feature the VelosCT controller, capable of achieving 725,000 IOPS and read speeds of 12GB/s. Innovations like ADAPT erasure coding and ADR self-healing technology enhance data durability and recovery. The systems are optimized for enterprise data centers and private clouds, providing efficient deployment and management solutions.

Seagate Technology Holdings plc (NASDAQ: STX) has revised its fiscal first quarter 2023 revenue outlook down to $2.1 billion (+/- $100 million), from a prior estimate of $2.5 billion (+/- $150 million). This change is attributed to deteriorating economic conditions, particularly in Asia, leading to inventory corrections and cautious purchasing behavior from key clients. Additionally, non-GAAP EPS is now expected to be significantly lower than the previous guidance of at least $1.20.

Seagate Technology Holdings plc (NASDAQ: STX) has appointed Richard (Rick) Clemmer to its Board of Directors, effective August 23, 2022. Clemmer, a seasoned technology executive, has a strong background in financial management and leadership, having previously served as CEO of NXP Semiconductors, where he led significant revenue growth. His extensive experience includes roles at Agere Systems and Texas Instruments. Seagate's Board Chair, Mike Cannon, emphasized Clemmer's potential to drive growth and enhance value for the company.

Seagate Technology Holdings plc (NASDAQ: STX) has announced its management's participation in several upcoming investor events. Key events include:

• Deutsche Bank 2022 Technology Conference on August 31, 2022, at 10:30 AM PT.
• Evercore ISI 2nd Annual Technology Conference on September 7, 2022, at 12:45 PM PT.
• Goldman Sachs Communacopia + Technology Conference on September 13, 2022, at 9:15 AM PT.

A live webcast will be available on Seagate's Investor Relations website, with replays accessible for 30 days post-event.