Seagate Technology Holdings plc (NASDAQ:STX) Bank of America Securities 2025 Global Technology Conference June 3, 2025 1:00 PM ET
Company Participants
Gianluca Romano – CFO & EVP
Conference Call Participants
Wamsi Mohan – Bank of America
Wamsi Mohan
First day year again this year in San Francisco. I’m Wamsi Mohan. I cover IT hardware, supply chain for the Bank. Delighted to welcome Seagate again to our conference again this year. We have EVP, CFO, Gianluca Romano, who most of you are already familiar with, if not all of you. Thank you so much, Gianluca, for taking the time to do this.
Gianluca Romano
Thank you very much, Wamsi. It’s always nice to be here with you.
Wamsi Mohan
Fantastic. Yes, likewise. So you just hosted a pretty bullish Analyst Day. And I would say, looking at some of your targets. They were materially about the last time you had spoken about any of these numbers. And so maybe for context, it would be helpful to hear from you what has changed in the industry from your perspective that is enabling this kind of financial profile?
Gianluca Romano
I would say, in general, the change is a better alignment between exabyte growth and then revenue growth of something that we have not seen in the past. In the past, we have always seen a good rate and good increase in exabyte. We had a few slides indicating the past growth. Every year, exabyte were growing, but we didn’t have the same increase in revenue. Main reason was an oversupply situation in the industry.
Now moving from a big level of client business into a very important cloud business, but starting from a very small exabyte numbers. It took a certain number of years. And of course, when you have oversupply all the benefit that you
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