Seagate Technology Reports Fiscal Third Quarter 2021 Financial Results

Rhea-AI Summary

Seagate Technology (NASDAQ: STX) reported impressive fiscal Q3 results ending April 2, 2021, with revenue reaching $2.731 billion, slightly up from $2.718 billion in Q3 2020. The company achieved non-GAAP EPS exceeding guidance, reflecting strong operational execution and high demand for nearline drives. CEO Dave Mosley highlighted a positive outlook for the June quarter, anticipating year-over-year revenue growth and enhanced profitability as data storage needs intensify globally.

Positive

• Revenue increased to $2.731 billion in Q3 2021, up from $2.718 billion in Q3 2020.
• Non-GAAP EPS exceeded guided range, indicating strong profitability.
• Positive outlook for June quarter with anticipated year-over-year revenue growth.

Negative

• None.

Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”), a world leader in data storage infrastructure solutions, today reported financial results for its fiscal third quarter ended April 2, 2021.

"Seagate delivered another quarter of strong financial performance driven by ongoing operational execution and record sales of our high capacity nearline drives. We grew revenue, expanded profitability and achieved non-GAAP EPS above our guided range. Our March quarter results underscore the strength of our HDD product portfolio and increasing demand for mass capacity storage," said Dave Mosley, Seagate’s chief executive officer.

"These trends lend further support to our June outlook, including an anticipated return to solid year-over-year revenue growth in the June quarter and enhanced profitability. As the datasphere continues to grow in scale and complexity, our innovative technology, flexible product roadmap and mass data expertise make us well positioned to capture significant opportunities in our core HDD business and address customers’ emerging needs to move, secure and store data across a more distributed enterprise."

Quarterly Financial Results

		GAAP								Non-GAAP
		FQ3 2021				FQ3 2020				FQ3 2021				FQ3 2020
Revenue ($M)		$	2,731			$	2,718			$	2

FAQ

What were Seagate's earnings for fiscal Q3 2021?

Seagate reported revenue of $2.731 billion for fiscal Q3 2021.

How did Seagate's Q3 2021 revenue compare to Q3 2020?

Seagate's revenue for Q3 2021 was $2.731 billion, slightly higher than $2.718 billion in Q3 2020.

What is Seagate's stock symbol?

Seagate's stock symbol is STX.

What is Seagate's outlook for Q4 2021?

Seagate anticipates solid year-over-year revenue growth and enhanced profitability for Q4 2021.