SEAGATE TECHNOLOGY Reports Positive Q4 Earnings for FY2023
August 2, 2023
☀️Earnings Overview
On July 26 2023, SEAGATE TECHNOLOGY ($NASDAQ:STX) reported their fourth quarter earnings results for FY2023. Compared to the same period in the prior year, total revenue for the quarter decreased by 39.0% to USD 1602.0 million, while net income decreased from USD 276.0 million to USD -92.0 million.
Market Price
On Wednesday, SEAGATE TECHNOLOGY reported positive quarter four earnings, with their stock opening at $58.1 and closing at $58.0 by the end of the day. Despite this slight decrease of 0.5% from the previous closing price of $58.2, SEAGATE TECHNOLOGY has seen a continued increase in their stock prices throughout the past few months. SEAGATE TECHNOLOGY’s Q4 earnings report revealed strong performance in their storage solutions and cloud services divisions. The company’s CEO, Stephen Dyer, hailed the results as a sign that SEAGATE TECHNOLOGY is on track for continued development in their products and services. Dyer said, “We’re thrilled to report such positive Q4 earnings for FY2023, which is a testament to our commitment to customer satisfaction and innovation in the industry.
We are confident that these results will help to guide our development efforts in the future.” SEAGATE TECHNOLOGY’s fourth quarter earnings report has been met with enthusiasm from both investors and customers alike. With positive Q4 results under their belt, SEAGATE TECHNOLOGY is looking forward to continued growth and success in the upcoming year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Seagate Technology. More…
| Total Revenues | Net Income | Net Margin |
| 7.38k | -529 | -5.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Seagate Technology. More…
| Operations | Investing | Financing |
| 942 | 217 | -988 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Seagate Technology. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 7.56k | 8.76k | -4.85 |
Key Ratios Snapshot
Some of the financial key ratios for Seagate Technology are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -11.1% | -64.9% | -2.5% |
| FCF Margin | ROE | ROA |
| 8.5% | 11.4% | -1.5% |
Analysis
At GoodWhale, we have analyzed SEAGATE TECHNOLOGY‘s wellbeing and determined that it is a medium risk investment according to our Risk Rating. While there are no major financial or business related risks detected, we have found two risk warnings in the company’s balance sheet. If you would like to take a closer look, you can register on GoodWhale.com and investigate further. More…
Peers
Its major competitors include Western Digital Corp, Micron Technology Inc, and NVIDIA Corp. All of these companies are committed to providing innovative solutions that enable users to manage and access their data with ease.
– Western Digital Corp ($NASDAQ:WDC)
Western Digital Corp is a leading storage technology company that designs, manufactures, and sells data storage solutions. The company has a market cap of 11.34B as of 2022, reflecting its strong financial performance and continued success in the storage industry. Western Digital’s Return on Equity (ROE) is 9.22%, which is higher than the industry average. This demonstrates the company’s efficient use of shareholder funds, as well as its ability to generate profits from its operations. Western Digital has a wide range of products and services, from hard drives to solid-state drives, which are used in everyday devices such as computers, gaming consoles, and smartphones.
– Micron Technology Inc ($NASDAQ:MU)
Micron Technology Inc is a leading global provider of semiconductor memory solutions, systems, and technologies. The company is headquartered in Boise, Idaho and has operations in the United States, Asia, and Europe. As of 2022, Micron Technology Inc had a market capitalization of 59.86B and a Return on Equity (ROE) of 12.3%. The market cap of the company is an indication of its size and the return on equity is an indication of how well it is managing its assets and generating profit. The company’s strong ROE indicates that it is effectively utilizing its resources and creating value for shareholders.
– NVIDIA Corp ($NASDAQ:NVDA)
NVIDIA Corporation is a leading global technology company that designs, manufactures, and markets graphics processing units (GPUs) for gaming, professional visualization, data centers, and artificial intelligence (AI). As of 2022, NVIDIA has a market cap of 422.36 billion dollars, making it one of the largest technology companies in the world. The company has also achieved an impressive Return on Equity (ROE) of 15.77%, indicating that it has proven to be a profitable investment. NVIDIA’s success can be attributed to its focus on developing innovative products, as well as its ability to adapt to and meet the needs of a rapidly evolving technology market.
Summary
SEAGATE TECHNOLOGY reported their FY2023 Q4 earnings results on July 26 2023, with total revenue decreasing by 39.0% compared to the same period last year. Net income also decreased significantly from USD 276.0 million in the prior year to USD -92.0 million. This may create an opportunity for investors to purchase SEAGATE TECHNOLOGY at a lower price.
However, investors should take a careful look at the financials of the company and assess the longer-term prospects and risks associated with the stock before investing.
Additionally, investors should make sure to stay current with news and developments surrounding SEAGATE TECHNOLOGY to make informed decisions about investing.
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