Seagate sees Q2 revenue roughly $2.9B, consensus $2.74B
GAAP and Non-GAAP operating expenses for the December quarter are expected to be approximately $444 million and $390 million respectively. The Company ended the quarter with approximately $2.6 billion in cash and cash equivalents. These preliminary results compare to the Company's previous forecast for fiscal second quarter 2018 revenue growth of 3-5% sequentially, non-GAAP gross margin improvement sequentially and non-GAAP operating expenses down 2-3%. "Our revenue growth and strong portfolio profitability in the December quarter reflect solid demand for high-capacity mass-storage solutions, particularly for our cloud-based environments," said Dave Mosley, Seagate's chief executive officer. "Availability of our cloud and edge portfolio remains constrained with broad-based customer demand globally and we are looking forward to planning discussions with a significant number of customers at CES this week," said Dave Mosley. Due to industry forecasts for explosive data creation and next-generation workloads over the next decade and beyond, the storage industry anticipates an increase in global storage needs for existing and new markets. To address these needs, Seagate has developed and invested in building a robust digital storage portfolio to provide customers with solutions that fit their dynamic storage needs, including HDDs, SSDs, and hybrid solutions.