Seagate Q1 Net Income Surges to $1.76 Billion on Higher Revenue; Raises Dividend 3%

Seagate Technology Holdings plc (STX) reported first-quarter fiscal 2027 net income of $1.76 billion, or $7.59 per share, up from $549 million, or $2.43 per share, a year earlier, driven by higher revenue. The board also raised the quarterly cash dividend about 3% to $0.76 per share, payable January 7, 2027, to shareholders of record as of December 23, 2026. Excluding items, earnings were $1.78 billion, or $7.68 per share, compared with $583 million, or $2.61 per share, in the prior-year quarter. Revenue rose to $4.23 billion from $2.63 billion, while income from operations jumped to $2.06 billion from $694 million. For the second quarter, the data storage provider expects revenue of $4.8 billion, plus or minus $100 million, and adjusted earnings per share of $9.20, plus or minus $0.20. CEO Dave Mosley cited compounding storage demand and long-term customer demand visibility supporting a "multi-year growth phase." Shares fell 5.20% overnight to $633.10 after closing Tuesday's Nasdaq session up 3.67%.