“Our June quarter results reflect stable mass capacity storage demand, offset by the impacts of Covid restrictive measures in Asia and weakening global economic conditions on our other end markets. These impacts were most pronounced in our consumer facing Legacy markets,” said Dave Mosley, Seagate’s chief executive officer.

“The confluence of macro-related challenges is continuing into the September quarter. In this environment, we are reducing our production plans to maintain supply discipline as our customers manage through macro uncertainty and on-going non-HDD component shortages, and we are diligently managing expenses to protect profitability. Looking further ahead, I remain confident that the multiple secular growth trends fueling demand for data and mass capacity storage solutions remain intact. Seagate is well positioned for macro recovery with a strong product roadmap, deep customer relationships and proven track record for disciplined execution.”

The Company generated $180 million in cash flow from operations and $108 million in free cash flow during the fiscal fourth quarter 2022. For fiscal year 2022, the Company generated $1.7 billion in cash flow from operations and $1.3 billion in free cash flow. During the fiscal fourth quarter, the Company paid cash dividends of $152 million and repurchased 6 million ordinary shares for $486 million. For the full year, the Company paid cash dividends of $610 million and used $1.8 billion to repurchase 20 million ordinary shares, or 9% of the outstanding shares. Cash and cash equivalents totaled $615 million. There were 210 million ordinary shares issued and outstanding as of the end of the fiscal year.

Seagate has issued a Supplemental Financial Information document, which is available on Seagate’s Investor Relations website at investors.seagate.com.