Storage solutions provider Seagate Technology plc (NASDAQ: STX) reported financial results for the third quarter of 2023. The company also provided guidance for the fourth quarter.
- Third-quarter revenues decreased 34% year-over-year to $1.86 billion
- The company reported a net loss of $433 million or $2.09 per share for the quarter, compared to a profit of $346 million or $1.56 per share last year
- On an adjusted basis, the third-quarter loss was $0.28 per share, compared to earnings of $1.81 per share in the prior-year period
- During the quarter, the company generated $228 million in cash flow from operations and $174 million in free cash flow
- For the fourth quarter of 2023, the company expects revenue to be $1.7 billion, plus or minus $150 million
- It expects a loss per share of $0.20, plus or minus $0.20, for the fourth quarter, on an adjusted basis
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