Seagate’s Q2 revenue in the fiscal year 2023 reached US$1.887 billion (currently approximately RMB 12.794 billion), which was significantly lower than the US$3.116 billion in Q2 in fiscal year 2022, and its gross profit margin also dropped from 30.4% to 13%. The net loss reached 33 million US dollars (currently about 224 million CNY), turning from profit to loss year-on-year.

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

“We are executing on an industry-leading product roadmap that will position us well when the market eventually recovers,” said Seagate CEO Dave Mosley. A family of HAMR-based products greater than 30 TB per disk is expected to launch in June Densities will go beyond 3 terabytes.”

Seagate expects revenue in the third fiscal quarter of fiscal year 2023 to be US$200 million (currently about 1.356 billion CNY), with a fluctuation of US$15 million. Non-GAAP diluted earnings per share are expected to be $0.25, plus or minus $0.20.

According to a new report from Trendfocus, HDD mechanical hard drive shipments will almost halve in 2022, with shipments falling sharply for all manufacturers, and shipments of Seagate and Western Digital will also be almost halved.

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