Seagate Stock Jumps on Strong Earnings and Robust AI Storage Demand
Seagate Technology (STX) stock jumped 6% in after-hours trading on July 28, 2026, following a strong fiscal Q4 earnings report. The company's revenue reached $3.629 billion, with non-GAAP diluted EPS of $5.71. This marks a healthy step up from the trough seen during the storage glut.
The outlook for fiscal Q1 FY2027 is also positive, with guidance calling for $4.10 billion in revenue (±$100 million) and EPS of $7.30 (±$0.20). Management cited robust cloud and data center demand, driven by AI's acceleration of data generation, which underscores long-run mass capacity needs.
Seagate leaned into the framing that AI needs capacity, not just compute, highlighting their Mozaic platform with HAMR tech as a way to keep pushing capacity per drive. This resonates with data center operators who live inside power and footprint constraints.