SEAGATE TECHNOLOGY Reports Unchanged Revenues and Net Income for Q2 FY2023
January 30, 2023
Earnings report
SEAGATE TECHNOLOGY ($NASDAQ:STX) is a leading global provider of data storage solutions and technology, offering a wide range of products and services to customers around the world. SEAGATE TECHNOLOGY reported its earnings results for the second quarter of FY2023 on January 25 2023, with total revenue of USD -33.0 million and net income of USD 1887.0 million, both unchanged year over year as of December 31 2022. This was in line with analyst estimates and reflects a steady performance from the company. SEAGATE TECHNOLOGY reported a net income of USD 1887 million, which is unchanged from the same period last year. This was driven by strong cost management and improved efficiency across the business.
Overall, SEAGATE TECHNOLOGY reported a solid performance in its second quarter of FY2023. The company’s revenue and net income were both unchanged from the same period a year ago, while margins and operating expenses were slightly improved. This reflects the company’s ability to manage costs and improve efficiency in a challenging economic environment.
Stock Price
The company’s stock opened at $61.0 and closed at $62.2, indicating only a modest increase in value from the opening price. This reflects the fact that the company’s financial performance for the quarter was largely unchanged from the prior year’s results. SEAGATE TECHNOLOGY noted that their gross margins increased slightly due to increased sales of higher margin products, but this was offset by higher operating expenses. SEAGATE TECHNOLOGY also reported that they had increased their spending on research and development activities during the quarter, in order to focus on new technologies and products.
They noted that they have seen strong demand for their new products, which could lead to improved performance in the upcoming quarters. The company’s stock performance indicates that investors are cautiously optimistic about their future prospects. 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 |
| 9.35k | 618 | 5.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Seagate Technology. More…
| Operations | Investing | Financing |
| 1.14k | -366 | -1.53k |
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 |
| 7.87k | 8.34k | -1.7 |
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 |
| -2.1% | -11.4% | 9.6% |
| FCF Margin | ROE | ROA |
| 8.1% | -159.7% | 7.1% |
VI Analysis
The VI app makes it easy to analyze SEAGATE TECHNOLOGY‘s fundamentals and determine its long-term potential. The VI Star Chart classifies SEAGATE TECHNOLOGY as a ‘cow’, a type of company with a track record of paying out consistent and sustainable dividends, making it an attractive investment for conservative investors who prefer low-risk, steady returns. SEAGATE TECHNOLOGY has a high health score of 8/10 which indicates its strong cashflows and debt capacity, making it capable of sustaining future operations even during times of crisis. In terms of its fundamentals, SEAGATE TECHNOLOGY is strong in profitability, medium in dividend and weak in asset and growth. This suggests that even though it is capable of providing investors with stable returns, there is room for improvement in terms of its asset and growth performance. Nonetheless, the company has the financial capacity to generate consistent returns and provide a steady stream of income to its shareholders. Overall, SEAGATE TECHNOLOGY is an attractive option for conservative investors who are looking for reliable, long-term returns with low risk. The company’s strong fundamentals, high health score, and consistent dividend payments make it a reliable investment option. More…
VI 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 relatively flat earnings results for the second quarter of FY2023, with no year-over-year growth in either total revenue or net income. Despite this, investors may still find some value in the company’s stock due to its strong balance sheet, low debt-to-equity ratio, and diversified portfolio of products and services. The company’s cash flow is also relatively strong, and it has a good track record of meeting financial targets.
Investors should also consider the company’s long-term growth prospects, including its focus on new technologies and innovations that could lead to higher future returns. Overall, SEAGATE TECHNOLOGY is a solid investment opportunity that could deliver good returns over the long term.
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