Seagate Technology forecasted third-quarter revenue and profit above expectations due to high demand for data storage devices in AI applications. Stock rose 10% in premarket trading. Analysts expect the hard disk drive industry to grow at a low-teens rate. Seagate predicted third-quarter revenue of $2.90 billion, beating estimates of $2.77 billion, with adjusted earnings per share of $3.40, compared to analyst expectations of $2.96. Second-quarter revenue was $2.83 billion, exceeding estimates of $2.73 billion.

Read more at Yahoo Finance: Seagate forecasts quarterly results above estimates on strong data storage demand