Seagate Technology Holdings plc (STX) experienced an increase of 6.95% in the aftermarket following the announcement of fiscal second-quarter 2022 results and a new appointment to its BoD. However, the last trading session closed at $96.31 with an increase of 1.61%.
Fiscal Second Quarter 2022 results by STX – What’s new?
STX announced fiscal second-quarter 2022 results on 26th January 2022. The company reported net revenue of $3.12 billion. Moreover, the cash flow from operations was $521 million with a GAAP operating margin of 18.6%. Seagate had a great year in the calendar year 2021. The company noticed increased revenue by 18% year over year. The company achieved a 39 percent increase in free cash flow, which we are putting to good use in the long-term capital return program.
Now what?
The calendar year was closed off with a robust December quarter, which saw the company achieve the best revenue level in over six years. This was possible because of a cloud data center interest for the larger capacity nearline products. With positive demand trends supporting revenue expansion consistent with the long-term financial model range of 3-to-6 percent annual growth, the company looks to improve on the 2021 performance this calendar year and beyond, assuming any substantial new economic challenges.
Appointment of Yolanda Lee Conyers by STX – More About it
On 25th January 2022, STX announced that the company has appointed Yolanda Lee Conyers to the board of directors. Ms. Conyers has worked in roles ranging from technology to global operations to talent management for more than 30 years. Moreover, she oversaw Lenovo’s human resources strategy and advised various executive members of the committee.
The company is very happy to welcome Yolanda to the Board of Directors. Yolanda is a well-known global human resource leader with experience in organizational and leadership development. Furthermore, her vast technology sector experience and considerable knowledge will be a valuable addition to the Seagate board of directors, and she will assist the efforts to build a more diverse and inclusive workforce to create successful business outcomes.
