Seagate Technology reported revenue of $6.6 billion with a gross margin of 23% for fiscal year 2024, shipping 398 exabytes of HDD storage capacity. The company generated $918 million in operating cash flow and paid $585 million in dividends. Seagate issued $1.5 billion of exchangeable notes to retire $1.3 billion in term loans.Net income for FY2024 was $335 million, compared to a net loss of $529 million in FY2023. The improvement was driven by favorable pricing actions, product mix, and a $313 million net gain from the sale of System-on-Chip operations to Broadcom. Operating expenses decreased by $609 million year-over-year, primarily due to workforce reductions and lower restructuring costs.Seagate ended the fiscal year with $1.4 billion in cash and cash equivalents. The company expects capital expenditures to increase in FY2025 as it prepares for an anticipated industry-wide demand recovery and AI application deployment. However, management noted that the macroeconomic environment remains dynamic and continues to impact business operations and results.

Seagate Technology reported revenue of $6.6 billion with a gross margin of 23% for fiscal year 2024, shipping 398 exabytes of HDD storage capacity. The company generated $918 million in operating cash flow and paid $585 million in dividends. Seagate issued $1.5 billion of exchangeable notes to retire $1.3 billion in term loans.Net income for FY2024 was $335 million, compared to a net loss of $529 million in FY2023. The improvement was driven by favorable pricing actions, product mix, and a $313 million net gain from the sale of System-on-Chip operations to Broadcom. Operating expenses decreased by $609 million year-over-year, primarily due to workforce reductions and lower restructuring costs.Seagate ended the fiscal year with $1.4 billion in cash and cash equivalents. The company expects capital expenditures to increase in FY2025 as it prepares for an anticipated industry-wide demand recovery and AI application deployment. However, management noted that the macroeconomic environment remains dynamic and continues to impact business operations and results.