None
EN
Seagate forecasts upbeat quarter on strong AI-driven storage demand
['Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
July 28 (Reuters) - Seagate Technology forecast quarterly revenue and profit above estimates on Tuesday, as the rapid buildout of AI infrastructure fuels robust demand for its high-capacity hard disk drives.
Shares of the Singapore-based company, which have more than doubled this year, rose over 8% in extended trading.
• "As AI accelerates data generation and its value, we see durable long-term demand for mass capacity storage," CEO Dave Mosley said.
• Fourth-quarter revenue rose 48.5% to $3.63 billion, beating estimates of $3.49 billion.
Adjusted profit came in at $5.71 per share, compared with estimates of $5.09.