Seagate Technology reported fiscal year 2024 revenue of $6.6 billion with a gross margin of 23% and net income of $335 million, compared to a net loss of $529 million in the prior year. The company generated operating cash flow of $918 million and paid $585 million in dividends. HDD shipments totaled 398 exabytes for the year, with mass capacity drives accounting for 72% of revenue.The company strengthened its financial position by issuing $1.5 billion of exchangeable notes to retire $1.3 billion in term loans. In April 2024, Seagate sold its System-on-Chip operations to Broadcom for $600 million, recording a net gain of $313 million. The company also implemented cost reduction initiatives and restructuring plans throughout the year to improve operational efficiency.Management noted ongoing recovery within the global cloud market...Show More

Seagate Technology reported fiscal year 2024 revenue of $6.6 billion with a gross margin of 23% and net income of $335 million, compared to a net loss of $529 million in the prior year. The company generated operating cash flow of $918 million and paid $585 million in dividends. HDD shipments totaled 398 exabytes for the year, with mass capacity drives accounting for 72% of revenue.The company strengthened its financial position by issuing $1.5 billion of exchangeable notes to retire $1.3 billion in term loans. In April 2024, Seagate sold its System-on-Chip operations to Broadcom for $600 million, recording a net gain of $313 million. The company also implemented cost reduction initiatives and restructuring plans throughout the year to improve operational efficiency.Management noted ongoing recovery within the global cloud market with improving end-market demand, particularly for high-capacity nearline drives. The company established Singapore as its principal executive offices in January 2024 to better align its operational footprint. Looking ahead, Seagate expects to benefit from industry-wide demand recovery and AI application deployment, while maintaining focus on operational efficiency and technology leadership through its HAMR-based Mozaic platform.