Seagate Technology Holdings (STX) 10-K Summary — Year Ended Jun 30, 2023
Seagate Technology Holdings plc reported a sharp decline in annual revenue, resulting in an operating loss and a net loss. Operating cash flow remained positive despite the challenging environment.
Key takeaway
Year ended Jun 30, 2023 · FY2027 10-K
Seagate Technology Holdings plc reported a sharp decline in annual revenue, resulting in an operating loss and a net loss. Operating cash flow remained positive despite the challenging environment.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$7.4B
Revenue reported for the fiscal year.
Operating income
-$342M
Income from operations reported for the year.
Net income
-$529M
Net income reported for the year.
Operating cash flow
$942M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jul 2, 2021 | $10.7B | n/a |
| Jul 1, 2022 | $11.7B | +9.2% |
| Jun 30, 2023 | $7.4B | -36.7% |
Business overview
Seagate is a leading provider of data storage technology and infrastructure solutions, primarily manufacturing hard disk drives (HDDs). It also produces solid state drives, storage subsystems, and offers a scalable edge-to-cloud mass data platform including storage-as-a-service.
Financial performance
Revenue decreased significantly compared to the prior year, leading to negative operating income and net income. Operating cash flow was positive, indicating that the company's core operations still generated cash despite the losses.
Material risks
The supplied filing does not include detailed descriptions of specific risk factors; only a table of contents referencing risk factors is provided. Therefore, no material risks can be identified from the available context.
Liquidity and capital
No specific liquidity or capital allocation information is provided in the supplied filing context, so no themes can be discussed.
What to watch
Monitor the company's revenue trend in the next filing, given the substantial decline reported in the current period.