Seagate Revenue Decreases 10% YoY, But Net Profit Increases 11%

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Seagate Quarterly Report Published

Seagate Technology has published its regular quarterly report. The well-known manufacturer of storage solutions ended the first quarter of fiscal year 2021 on October 2, 2020.

Seagate Revenue
Seagate Revenue

Seagate Revenue Decreases 10% YoY, But Net Profit Increases 11%

During the reporting period, revenue was generated at $ 2.314 billion. A year ago, this figure was equal to $ 2.578 billion, that is, in annual terms, it decreased by more than 10%. Gross profit for the same period decreased from 26.0% to 25.8%.

At the same time, a net profit of $ 223 million was received for the quarter. For comparison: in the first quarter of fiscal year 2020, this figure was equal to $ 200 million, that is, there is an increase of about 11%.

A non-GAAP calculation results in a 26.7% drop in gross profit to 26.5%, and a net income of $ 242 million, up from $ 278 million a year ago.

At the end of the quarter, Seagate had $ 1.7 billion in cash and cash equivalents.

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