Seagate Forecasts Q3 Revenue in Line with Estimates, Returns to Profit in Q2

The data storage firm's recovery is driven by the rebounding PC and cloud market, with Q2 results exceeding expectations and Q3 projections promising.

• Seagate Technology forecasts Q3 revenue to be $1.65 billion, in line with market estimates, signaling recovery in the PC and cloud market.
• The company reported Q2 revenue of $1.56 billion, slightly above analysts' average estimate of $1.55 billion.
• Seagate returned to profitability in Q2 with adjusted earnings of 12 cents per share, after three quarters of losses.
• The company expects Q3 adjusted earnings per share to be between 5 cents and 45 cents.
• Seagate is trying to increase demand by offering hard-disk drives that provide mass storage at a lower cost than competitors.

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CNA Benzinga Quartz