Storage solutions provider Seagate Technology plc (NASDAQ: STX) has reported lower revenues and adjusted profit for the fourth quarter of 2022. Both operating segments registered a double-digit decline in revenues.
Adjusted net profit, which excludes special itmes, dropped to $1.59 per share in the final three months of 2022, from $2.00 per share in the same period of the prior year. Unadjusted profit dropped to $276 million or $1.27 per share from $482 million or $2.07 per share a year earlier.
The bottom line performance was negatively impacted by a 13% fall in net revenues to $2.63 billion. HDD revenues dropped 12%, while Systems, SSD, and Other revenues declined 21%.
Check this space to read management/analysts’ comments on Seagate’s Q4 2022 earnings
“The confluence of macro-related challenges is continuing into the September quarter. In this environment, we are reducing our production plans to maintain supply discipline as our customers manage through macro uncertainty and ongoing non-HDD component shortages, and we are diligently managing expenses to protect profitability,” said Seagate’s chief executive officer Dave Mosley.
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