Seagate (STX) Reports Q3 Earnings: What Key Metrics Have to Say

Seagate (STX) reported $1.66 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 11%. EPS of $0.33 for the same period compares to -$0.28 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.67 billion, representing a surprise of -0.68%. The company delivered an EPS surprise of +22.22%, with the consensus EPS estimate being $0.27.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Seagate performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Capacity Shipped - Mass capacity: 88.5 EB versus 92.24 EB estimated by two analysts on average.

• Capacity Shipped - Total: 99.1 EB versus 103.95 EB estimated by two analysts on average.

• Capacity Shipped - Legacy: 10.6 EB versus the two-analyst average estimate of 11.72 EB.

• Revenue by Product Line- HDD: $1.48 billion versus the three-analyst average estimate of $1.49 billion. The reported number represents a year-over-year change of -7.9%.

• Revenue by Product Line- Enterprise Data Solutions, SSD & Other: $178 million versus $175.92 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -30.5% change.

• Revenue by Product Line- HDD- Mass Capacity: $1.18 billion versus the two-analyst average estimate of $1.19 billion.

• Revenue by Product Line- HDD- Legacy: $297 million compared to the $300.55 million average estimate based on two analysts.

View all Key Company Metrics for Seagate here>>>

Shares of Seagate have returned -3.4% over the past month versus the Zacks S&P 500 composite's -4.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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