Seagate, the largest HDD manufacturer, has published its regular quarterly report. The data in the report refers to the first quarter of fiscal year 2022, ending with Seagate on October 1. In other words, Seagate’s fiscal year is not the same as the calendar year.
Seagate’s revenue for the reporting period was $3.115 billion. A year ago, this figure was equal to $2.314 billion. Gross profit for the year increased from 25.8% to 30.7%, and the operating margin increased from 10.8% to 18.8%. The quarter ended in net income of $526 million. By comparison, in the first quarter of fiscal year 2021, net income was $223 million.
During the quarter, shareholders were paid $153 million in dividends. Another $425 million was used to buy out 4.9 million shares. At the end of the reporting period, the company had 225 million shares outstanding, and Seagate held $991 million in cash and cash equivalents.