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Seagate Technology Reports Fiscal First Quarter 2025 Financial Results

Seagate Technology Holdings plc (NASDAQ: STX) (the "Company" or "Seagate"), a leading innovator of mass-capacity data storage, today reported financial results for its fiscal first quarter ended September 27, 2024. "Seagate is off to an outstanding start to the fiscal year, highlighted by gross margin expanding to the highest level in more than a decade," said Dave Mosley, Seagate's chief executive officer.

"We executed on our plans to aggressively ramp our 28-terabyte nearline drives and broaden the number of cloud customers entering qualification on HAMR-based Mozaic products. We are excited by the strong product momentum which positions us well to address customer demand while delivering profitable growth. Our confidence in Seagate's future opportunities is reflected in the decision to raise the quarterly dividend as announced today," Mosley concluded.

Logitech Announces Q2 Fiscal Year 2025 Results

Logitech International today announced financial results for the second quarter of Fiscal Year 2025.
  • Sales were $1.12 billion, up 6 percent in US dollars and 6 percent in constant currency compared to Q2 of the prior year.
  • GAAP gross margin was 43.6 percent, up 210 basis points compared to Q2 of the prior year. Non-GAAP gross margin was 44.1 percent, up 210 basis points compared to Q2 of the prior year.
  • GAAP operating income was $161 million, up 3 percent compared to Q2 of the prior year. Non-GAAP operating income was $193 million, up 5 percent compared to Q2 of the prior year.
  • GAAP earnings per share (EPS) was $0.95, up 10 percent compared to Q2 of the prior year. Non-GAAP EPS was $1.20, up 10 percent compared to Q2 of the prior year.
  • Cash flow from operations was $166 million. The quarter-ending cash balance was approximately $1.4 billion.
  • The Company returned $340 million of cash to shareholders through its annual dividend payment and share repurchases.

Micron Reports Results for the Fourth Quarter and Full Year of Fiscal 2024

Micron Technology, Inc. today announced results for its fourth quarter and full year of fiscal 2024, which ended August 29, 2024.

Fiscal Q4 2024 highlights
  • Revenue of $7.75 billion versus $6.81 billion for the prior quarter and $4.01 billion for the same period last year
  • GAAP net income of $887 million, or $0.79 per diluted share
  • Non-GAAP net income of $1.34 billion, or $1.18 per diluted share
  • Operating cash flow of $3.41 billion versus $2.48 billion for the prior quarter and $249 million for the same period last year
Fiscal 2024 highlights
  • Revenue of $25.11 billion versus $15.54 billion for the prior year
  • GAAP net income of $778 million, or $0.70 per diluted share
  • Non-GAAP net income of $1.47 billion, or $1.30 per diluted share
  • Operating cash flow of $8.51 billion versus $1.56 billion for the prior year

Logitech Announces Q4 and Full Fiscal Year 2024 Results

Logitech International today announced financial results for the fourth quarter and full Fiscal Year 2024 ended March 31, 2024.

For Q4 Fiscal Year 2024:
  • Sales were $1.01 billion, up 5 percent in US dollars and 5 percent in constant currency, compared to Q4 of the prior year.
  • GAAP operating income was $130 million, up 235 percent, compared to Q4 of the prior year. Non-GAAP operating income was $159 million, up 93 percent, compared to Q4 of the prior year.
  • GAAP earnings per share (EPS) was $1.07, up 312 percent compared to Q4 prior year. Non-GAAP EPS was $0.99, up 98 percent compared to the prior year.
  • Cash flow from operations was $239 million, up 10 percent compared to Q4 of the prior year.
For Fiscal Year 2024:
  • Sales were $4.30 billion, down 5 percent in US dollars and 6 percent in constant currency, compared to the prior year.
  • GAAP operating income was $587 million, up 28 percent compared to the prior year. Non-GAAP operating income was $699 million, up 19 percent compared to the prior year.
  • GAAP earnings per share (EPS) was $3.87, up 74 percent compared to the prior year. Non-GAAP EPS was $4.25, up 32 percent compared to the prior year.
  • Cash flow from operations was $1.1 billion, up 114 percent compared to the prior year. The year-ending cash balance was more than $1.5 billion. The Company returned $686 million of cash to shareholders through its annual dividend payment and share repurchases.

HP Reports Fiscal 2024 First Quarter Results

HP Inc. and its subsidiaries ("HP") announced fiscal 2024 first quarter net revenue of $13.2 billion, down 4.4% (down 4.9% in constant currency) from the prior-year period. First quarter GAAP diluted net EPS was $0.62, up from $0.47 in the prior-year period and within the previously provided outlook of $0.60 to $0.70. First quarter non-GAAP diluted net EPS was $0.81, up from $0.73 in the prior-year period and within the previously provided outlook of $0.76 to $0.86. First quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $186 million, or $0.19 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits and tax adjustments.

"Our Q1 results reflect continued progress against our Future Ready plan," said Enrique Lores, HP President and CEO. "We are bringing terrific innovation to our customers while driving disciplined execution across every facet of the business. As a result, we delivered solid earnings growth this quarter and we are well positioned to accelerate as the market recovers."

Microsoft Announces Copilot Pro AI Assistant for Office Suite, Coming as a Subscription

Today, Microsoft launched Copilot Pro, bringing its AI-powered productivity features to mainstream consumers. Available as a $20 per month add-on to Microsoft 365 Personal or Home subscriptions, Copilot Pro injects AI directly into Office apps to help users write faster and work smarter. The key features include AI-generated text suggestions and summaries in Word, automated data analysis and graph creation in Excel, and even entire PowerPoint presentation generation from a text prompt. Copilot can also suggest email replies in Outlook and assist with other productivity tasks. What sets Copilot Pro apart from the free Copilot assistant is its tight integration with Office apps and ability to summarize long Word documents and generate entire decks. The Pro version also offers priority access to the latest AI models from OpenAI, Microsoft's key partner. The regular Copilot uses GPT-4 during non-priority times, while the Copilot Pro aims to serve its users with GPT-4 and GPT-4 Turbo all the time.

While regular Copilot is available to anyone with a Microsoft account, Copilot Pro is reserved for those with active Microsoft 365 subscriptions. However, it brings previously business-only AI capabilities like PowerPoint generation to mainstream users. Microsoft's Divya Kumar, global head of marketing for search and AI at Microsoft, stated in a discussion for The Verge that Copilot Pro will continue to expand over time: "Given that pattern we've been in, that rolling thunder, you can expect we're going to do the exact same thing for Copilot Pro." So, while the initial launch focuses on core Office apps, expect Copilot Pro to pop up across Microsoft's software and services eventually. For now, it aims to boost productivity for Office power users willing to pay a little extra for AI assistance.

Semiconductor Market to Grow 20.2% in 2024 to $633 Billion, According to IDC

International Data Corporation (IDC) has upgraded its Semiconductor Market Outlook by calling a bottom and return to growth that accelerates next year. IDC raised its September 2023 revenue outlook from $518.8 billion to $526.5 billion in a new forecast. Revenue expectations for 2024 were also raised from $625.9 billion to $632.8 billion as IDC believes the U.S. market will remain resilient from a demand standpoint and China will begin recovering by the second half of 2024 (2H24).

IDC sees better semiconductor growth visibility as the long inventory correction subsides in two of the largest market segments: PCs and smartphones. Automotive and Industrials elevated inventory levels are expected to return to normal levels in 2H24 as electrification continues to drive semiconductor content over the next decade. Technology and large flagship product introductions will drive more semiconductor content and value across market segments in 2024 through 2026, including the introduction of AI PCs and AI Smartphones next year and a much-needed improvement in memory ASPs and DRAM bit volume.

Microsoft Releases FY23 Q4 Earnings, Xbox Hardware Revenue Down 13%

Microsoft Corp. today announced the following results for the quarter ended June 30, 2023, as compared to the corresponding period of last fiscal year:
  • Revenue was $56.2 billion and increased 8% (up 10% in constant currency)
  • Operating income was $24.3 billion and increased 18% (up 21% in constant currency)
  • Net income was $20.1 billion and increased 20% (up 23% in constant currency)
  • Diluted earnings per share was $2.69 and increased 21% (up 23% in constant currency)
"Organizations are asking not only how - but how fast - they can apply this next generation of AI to address the biggest opportunities and challenges they face - safely and responsibly," said Satya Nadella, chairman and chief executive officer of Microsoft. "We remain focused on leading the new AI platform shift, helping customers use the Microsoft Cloud to get the most value out of their digital spend, and driving operating leverage."

Microsoft Outlook "2024" Set to Replace Mail, Calendar & People Apps

Microsoft has announced some major changes for a selection of integrated Windows 11 productivity apps—yesterday's preview piece declared that: "The new Outlook for Windows brings the latest features with a modern and simplified design to your Windows 11 PC. You can tailor it to your style and do more with the new Outlook for Windows! Learn more about the new Outlook for Windows here." Many W11 users are not fans of the current and very neglected set of Mail, Calendar & People applications, but forthcoming updates will provide some joy since the next version of Outlook is set to replace this messy arrangement entirely. A longer and more in-depth Insider article demonstrates the shape of things to come, including a dark mode! A trial version can be accessed via a toggle within the Windows 11 Mail & Calendar app.

Microsoft's roadmap/timeline indicates that new devices running Windows 11 will have the brand new Outlook app pre-installed, starting in early 2024: "The new Outlook for Windows (will be available) as the default mailbox application free for all to use. The Mail and Calendar applications will continue to be available via download in the Microsoft Store through the end of 2024. On existing devices, users can switch to the new Outlook for Windows from a toggle in the Mail and Calendar applications." The company's software engineers are alleged to be working on a project dubbed "Hudson Valley," which is rumored to be the next major version of Windows - aka 12 - arriving September 2024, which coincides with the removal of the improved Outlook app from Microsoft's store. The updated web-based client could be built into Windows 12, and positioned as the default email handling program.

Microsoft is Back to its Old Ways—Links in Office Will Open in MS Edge Browser, Ignoring Browser Preference

Windows OS users have been critical of Microsoft's strategy of prioritizing its Edge browser for a while now, and more angry feedback is expected following an announcement that updates to Microsoft 365 Outlook and Teams applications will change how things work with regards to link clicking. Discerning users of Windows have adjusted preferences so that clicked links will always open in their web browser of choice (e.g Chrome, Firefox, Opera etc.). Microsoft will be adjusting behaviors in its Outlook and Teams apps, so links are set to open in Microsoft Edge by default. The changes are advertised as a positive for customers using Windows 10 & 11, as well as Office applications: "Microsoft is always striving to improve and streamline our product experiences—offering a new way to use the classic Microsoft Outlook app on Windows and the Microsoft Edge web browser."

This week's support message explains the upcoming situation shift: "If you have a Microsoft 365 Personal or Family subscription, browser links from the Outlook app will open in Microsoft Edge by default, right alongside the email they're from in the Microsoft Edge sidebar pane. This allows you to easily access, read, and respond to the message using your matching authenticated profile. No more disruptive switching—just your email and the web content you need to reference, in a single, side-by-side view. And we're always optimizing the sidebar in Microsoft Edge to give you useful content and tools while you're browsing so you don't have to toggle back and forth between windows or even other tabs—whether you're shopping online or working in a Microsoft 365 web app." Outlook will be the first application to get updated with the "handy new feature," and the Teams app will be adjusted later this year.
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