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Seagate Expertise Holdings plc (NASDAQ:STX) Financial institution of America Securities 2025 International Expertise Convention June 3, 2025 1:00 PM ET
Firm Individuals
Gianluca Romano – CFO & EVP
Convention Name Individuals
Wamsi Mohan – Financial institution of America
Wamsi Mohan
First day yr once more this yr in San Francisco. I am Wamsi Mohan. I cowl IT {hardware}, provide chain for the Financial institution. Delighted to welcome Seagate once more to our convention once more this yr. We have now EVP, CFO, Gianluca Romano, who most of you’re already conversant in, if not all of you. Thanks a lot, Gianluca, for taking the time to do that.
Gianluca Romano
Thanks very a lot, Wamsi. It is at all times good to be right here with you.
Wamsi Mohan
Unbelievable. Sure, likewise. So that you simply hosted a fairly bullish Analyst Day. And I’d say, taking a look at a few of your targets. They have been materially concerning the final time you had spoken about any of those numbers. And so perhaps for context, it will be useful to listen to from you what has modified within the business out of your perspective that’s enabling this sort of monetary profile?
Gianluca Romano
I’d say, basically, the change is a greater alignment between exabyte progress after which income progress of one thing that we’ve got not seen prior to now. Previously, we’ve got at all times seen charge and good enhance in exabyte. We had a number of slides indicating the previous progress. Yearly, exabyte have been rising, however we did not have the identical enhance in income. Predominant purpose was an oversupply scenario within the business.
Now transferring from an enormous degree of shopper enterprise into an important cloud enterprise, however ranging from a really small exabyte numbers. It took a sure variety of years. And naturally, when you may have oversupply all of the profit that you just