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Seagate's first quarter 2018 revenues sank 7 per cent year-on-year to $2.6bn, but the drive biz expects growth and is convinced its heat-assisted magnetic recording (HAMR) tech will help that.
GAAP net income was $181m, up 8.4 per cent on last year's $167m.
New - CEO - Dave - Mosley - Statement
New CEO Dave Mosley's statement spoke of "solid execution and market demand" while delivering "record levels of exabyte shipments" and "sequential growth in revenue and profit".
He reckons: "Seagate is in a strong position to grow its businesses, improve profitability and continue with its shareholder-return objectives."
Company - Capacity
The company shipped 70.3EB of capacity, averaging 1.9TB/drive.
HDD revenues were $2.39bn, compared to $2.6bn a year ago. Enterprise systems (arrays), flash and other revenues were $242m, 17 per cent growth from $208m a year ago, also 30 per cent sequential growth from the previous quarter's $186m. In the prior quarter HDD revenues were $2.22bn so there was sequential growth in that category as well.
WDC - Rejection - HAMR - Seagate - Disk
What about WDC'S rejection of HAMR, Seagate's next-generation disk technology, in favour of MAMR?
In the earnings call, Mosley declared: "We continue to make progress towards the introduction of our heat-assisted magnetic recording, or HAMR, technology portfolio, which is expected to be shipping in volume in 2019... We believe that HAMR technology opens up a rich design space for high capacity and great value, and we've been communicating that with customers for some months...
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