Seagate forecasts upbeat quarter as AI boom powers strong data-storage demand
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SEAGATE Technology forecast fourth-quarter revenue and profit above Wall Street expectations on Tuesday, betting on strong demand for its data-storage hardware as enterprises ramp up adoption of artificial intelligence.
Shares of the company surged around 16 per cent in extended trading, fueling a rise in rivals’ stock. Western Digital jumped 11 per cent and SanDisk rose 4 per cent. Memory chipmaker Micron Technology gained about 3.5 per cent.
Enterprises rushing to incorporate AI to speed up processes and cut costs have also invested in storage to handle the vast amount of data required to create and run the latest models.
The surge in memory chip prices has also boosted investor enthusiasm in the storage market, with Seagate’s shares doubling in value so far this year after more than tripling in 2025.
Seagate forecast fourth-quarter revenue of US$3.45 billion, plus or minus US$100 million, compared with estimates of US$3.16 billion, according to data compiled by LSEG.
The company projected quarterly adjusted earnings per share of US$5, plus or minus 20 cents, while analysts were expecting US$3.97.
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Seagate reported third-quarter revenue of US$3.11 billion, beating estimates of US$2.96 billion.
It reported earnings per share of US$3.27, compared with US$1.57 per share a year earlier. REUTERS
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