Gate News message, April 28 — Seagate Technology, a US data storage hardware maker, raised its fiscal fourth-quarter revenue and profit guidance above estimates on April 28, citing strong demand from AI workloads. The company expects Q4 revenue of $3.45 billion (plus or minus $100 million) and adjusted earnings of approximately $5 per share, both exceeding consensus estimates of $3.16 billion and $3.97 respectively. Seagate shares rose about 10% in extended trading.
The company’s fiscal third-quarter revenue reached $3.11 billion, surpassing estimates of $2.96 billion, with earnings per share rising to $3.27 from $1.57 a year earlier. Nearline hard disk drive (HDD) capacity is fully booked through calendar 2026, with long-term agreements extending through 2027 as cloud providers lock in supply for AI data center buildouts. Seagate’s Mozaic 4+ platform, which uses Heat-Assisted Magnetic Recording (HAMR) technology to store more data per disk, is qualified and in production with two leading hyperscale cloud providers, with drives reaching capacities up to 44TB.
Data-center operations now represent 80% of Seagate’s total revenue. The tight HDD market has driven retail prices up 20 to 50%, prompting some hyperscalers to shift to solid-state drives (SSDs) to address shortages. Seagate divested its Lyve Cloud business to Wasabi Technologies and took a stake in the company, refocusing on mass-capacity storage technology.
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