Seagate posts record earnings and raises guidance, yet shares fall 5.7% after hours
What happened
Seagate Technology reported record fiscal first-quarter results after Tuesday's close, but shares fell 5.7% to $630 in after-hours trading after rising 3.7% in the regular session. Adjusted earnings were $7.68 per share, up from $2.61 a year ago and above Wall Street's $7.45 consensus, while revenue rose 61% year over year to $4.23 billion, beating the $4.15 billion consensus. Guidance also topped estimates: Seagate expects second-quarter adjusted earnings of $9.20 per share (plus or minus 20 cents) on revenue of about $4.8 billion, versus consensus of $8.66 per share and $4.5 billion. Capital spending of $211 million was within the company's 4-6% of revenue target range but above the $202 million analysts expected.
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- Seagate Technology (STX); memory and storage peers Western Digital (WDC), Micron (MU), Sandisk (SNDK); broader AI hardware/semiconductor names via the storage-demand read-through
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