Seagate reports Q1 EPS $1.58, consensus $1.48

Reports Q1 revenue $2.17B, consensus $2.13B. “Seagate (STX) is off to an outstanding start to the fiscal year, highlighted by gross margin expanding to the highest level in more than a decade,” said Dave Mosley, CEO. “We executed on our plans to aggressively ramp our 28-terabyte nearline drives and broaden the number of cloud customers entering qualification on HAMR-based Mozaic products. We are excited by the strong product momentum which positions us well to address customer demand while delivering profitable growth. Our confidence in Seagate’s future opportunities is reflected in the decision to raise the quarterly dividend as announced today.”