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Data storage manufacturer Seagate (NASDAQ:STX) reported Q2 FY2024 results that met analysts’ expectations, with revenue down 17.6% year on year to $1.56 billion. It made a non-GAAP profit of $0.12 per share. Seagate expects next quarter’s revenue to be around $1.65 billion. The company experienced a 7% sequential revenue growth and strong gross margin improvement. However, its inventory levels have materially increased this quarter. The stock is trading at $85.31 after dropping 4.3% post-earnings. The Board has declared a $0.70 per share quarterly dividend.

Seagate Technology makes hard drives and SSDs for PCs and data centers, crucial for handling rapid data growth and processing power. Its DIO came in at 80, 17 days above its five-year average. Seagate looks poised for a rebound, guiding to 12.7% year-on-year revenue growth next quarter with analysts also expecting 17.9% growth over the next 12 months. The stock is currently trading at a significant discount.
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Read more: Seagate Technology (NASDAQ:STX) Reports Q2 In Line With Expectations But Inventory Levels Increase