Seagate Technology Holdings plc (STX) reported strong revenue growth in the fiscal fourth quarter of 2024, driven by increasing demand for mass capacity solutions, particularly for nearline cloud storage. The company expects this momentum to continue in the coming year, fueled by the growing adoption of AI and machine learning. However, Seagate faces stiff competition from other major players in the data storage industry.
Snowflake, a leading data storage company, announced plans to issue $2 billion in convertible notes, a move analysts see as a strategic step to fuel growth and enhance financial flexibility. This comes despite the company’s strong financial position, with $3.9 billion in cash and no debt. Analyst Blair Abernethy maintains a Buy rating on Snowflake, citing the move as a positive for the company’s future.
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Hitachi Vantara’s Virtual Storage Platform One Block storage appliance has achieved top rankings for energy efficiency and performance, earning the ENERGY STAR certification and recognition as the best storage solution in the ENERGY STAR NVSS Disk Online 4 category. The platform’s exceptional performance, coupled with its commitment to sustainability, makes it a standout choice for businesses seeking to optimize their data storage while reducing their environmental impact.
DDN, the global leader in artificial intelligence (AI) and multi-cloud data management solutions, today announced that Jump Trading, a leading quantitative trading firm, has selected DDN to bolster its high-performance computing (HPC) infrastructure. By leveraging DDN’s cutting-edge storage solutions, Jump Trading aims to accelerate its AI-driven quantitative trading strategies and maintain its competitive edge in the fast-paced world of global financial markets.
Seagate Technology (NASDAQ: STX) reported mixed results for its fiscal first quarter of 2024, meeting revenue estimates but exceeding earnings expectations. The data storage company’s revenue declined by 11% year-over-year to $1.66 billion, slightly below analysts’ estimates. However, Seagate’s non-GAAP earnings per share (EPS) of $0.33 came in significantly ahead of consensus, marking an improvement from a loss per share of $0.28 in the same quarter last year.
Seagate Technology exceeded market expectations in its third-quarter fiscal 2024 results, with earnings per share surpassing estimates and prompting a rise in share price. The company’s non-GAAP earnings per share reached $0.33, above the consensus forecast of $0.26. Revenue came in line with market projections at $1.66 billion. Seagate’s strong performance was attributed to improving cloud demand, effective cost management, and successful pricing strategies. The company also declared a quarterly cash dividend of $0.70 per share and anticipates continued growth in the current quarter. Additionally, Seagate sold certain intellectual property and assets related to system-on-chip products to Avago Technologies for $600 million.
The global next-generation data storage market is anticipated to witness substantial growth, primarily driven by the proliferation of mobile devices, smart wearables, and connected devices, leading to an exponential increase in data production. This market is fueled by the advent of 5G technology, the expansion of e-commerce, and the adoption of smart technologies, resulting in a surge in big data generation. As automated systems demand efficient and secure data storage, cloud computing and data centers have become essential, necessitating advanced data storage solutions.
