Seagate Q1 2021 revenue reaches 2.73 billion USD: Report

Seagate recently released its first-quarter 2021 financial report. In this quarter, the company’s revenue was US$2.73 billion, a year-on-year increase of 0.48%. GAAP adjusted gross profit margin was 27.1%, the operating profit margin was 14.1%, and net income was US$329 million, a year-on-year increase of 2.8%.

Seagate officially stated, “Seagate’s sales of large-capacity in-line storage devices continue to grow and set new records, and have achieved good financial results. Our revenue and profitability have increased, and customer demand for large-capacity hard drives continues to grow .”

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Seagate predicts that the current hard disk industry sales volume has a continuous growth trend, and it is expected that its performance in the second quarter of this year will increase slightly.

Seagate’s Q1 operating cash flow in 2021 was US$378 million and free cash flow was US$274 million. During this period, the company paid $161 million in dividends. Seagate expects revenue in the second quarter of 2021 to reach US$2.85 billion, a fluctuation of US$150 million. Non-GAAP adjusted earnings per share are expected to be $1.6 USD, up or down by USD 0.15.