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Jun 30, 2023
Seagate Q4 2023 Earnings Report
Reported financial results for the fiscal fourth quarter and fiscal year ended June 30, 2023.
Key Takeaways
Seagate's Q4 2023 performance reflects an uneven economic recovery in China, cloud inventory digestion and cautious enterprise spending. Revenue was $1.60 billion with a GAAP loss per share of $(0.44) and non-GAAP loss per share of $(0.18). The company generated $218 million in cash flow from operations and $168 million in free cash flow.
Revenue of $1.60 billion.
GAAP (loss) per share of $(0.44); non-GAAP (loss) per share of $(0.18).
Cash flow from operations of $218 million and free cash flow of $168 million.
Declared cash dividend of $0.70 per share.
Forward Guidance
The business outlook for the fiscal first quarter 2024 is based on our current assumptions and expectations; actual results may differ materially.
Positive Outlook
- Revenue of $1.55 billion, plus or minus $150 million
- Company is providing the following guidance for its fiscal first quarter 2024
Challenges Ahead
- Non-GAAP (loss) per share of $(0.16), plus or minus $0.20
- Guidance regarding non-GAAP (loss) per share excludes known pre-tax charges related to estimated share-based compensation expenses of $0.15 per share.
- We have not reconciled our non-GAAP (loss) per share guidance for fiscal first quarter 2024 to the most directly comparable GAAP measure, other than estimated share-based compensation expenses, because material items that may impact these measures are out of our control and/or cannot be reasonably predicted, including, but not limited to, accelerated depreciation, impairment and other charges related to cost saving efforts, net (gain) loss recognized from early redemption of debt, purchase order cancellation fees, strategic investment losses (gains) or impairment charges, income tax adjustments on these measures, and other charges or benefits that may arise.
- The amounts of these measures are not currently available but may be material to future results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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