Seagate Technology Shares Pop on Upbeat Outlook, Sharply Higher Quarterly Results

By Connor Hart

Shares of Seagate Technology jumped after the company said the data storage needs of quickly growing artificial-intelligence applications helped more than double its profit during the latest quarter.

The mass-capacity data storage company doesn't see that growth slowing down, guiding for profit and revenue in the current quarter sharply ahead of Wall Street estimates.

"Seagate is entering a period of structural growth powered by durable demand, increasing adoption of our Mozaic-based products, and continued execution against the strategy designed to drive margin expansion, cash flow and long-term value creation," Chief Executive Officer Dave Mosley said on a call with analysts late Tuesday.

Shares were trading 16% higher, at $669.90, in premarket trading Wednesday. The stock has more than doubled in value since the start of the year.

Seagate's outperformance in the recent quarter and upbeat outlook for the coming months had a knock-on effect for other data storage and memory chip companies. Shares of Western Digital, Sandisk and Micron Technology were all trading between 4.4% and 9.2% higher, shortly ahead of Wednesday's opening bell.

Seagate expects adjusted earnings of $4.80 to $5.20 a share on revenue of $3.35 billion to $3.55 billion for the current quarter. Going into the release, analysts were expecting adjusted earnings of $3.99 a share on revenue of $3.16 billion, according to FactSet.

For its fiscal third quarter, Seagate reported a profit of $748 million, or $3.27 a share, up from $340 million, or $1.57 a share, a year earlier. Adjusted earnings of $4.10 a share topped expectations for $3.51 a share.

Revenue rose to $3.11 billion from $2.16 billion, ahead of analysts views for $2.96 billion.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

April 29, 2026 09:42 ET (13:42 GMT)