Seagate's fiscal 2023 Q2 revenue of $1.887 billion fell sharply compared with the same period last year, with a net loss of $3300.

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com January 26, Seagate Technology Holdings Limited today reported revenue and non-GAAP earnings per share slightly higher than expected for the second quarter of fiscal year 2023 ended December 30, 2022.

Seagate's Q2 revenue in fiscal 2023 was $1.887 billion (currently about 12.794 billion yuan), down sharply from $3.116 billion in fiscal 2022, and gross profit margin fell from 30.4% to 13%. The net loss reached $33 million (currently about 224 million yuan), from profit to loss compared with the same period last year.

In the second quarter of fiscal 2023, Seagate generated $251 million in operating cash flow and $172 million in free cash flow and paid $145 million in cash dividends. The company reduced its debt by $220 million, with total debt of $6 billion and cash and cash equivalents of $770 million at the end of the second quarter. At the end of the quarter, 206 million common shares were issued and outstanding.

"We are implementing an industry-leading product roadmap, which will put us in a strong position when the market finally recovers," said Dave Mosley, chief executive of Seagate. "A product line based on more than 30 TB HAMR is expected to be launched in June, with a density of more than 3 TB per disk."

CTOnews.com learned that Seagate expects revenue of $200m (currently about 1.356 billion yuan) in the third quarter of fiscal 2023, fluctuating by $15 million. Non-GAAP diluted earnings per share are expected to be $0.25, fluctuating by $0.20.

According to a new report from Trendfocus, shipments of HDD mechanical hard drives almost halved in 2022, with shipments from all manufacturers falling sharply, as did Seagate and Western Digital shipments.