Seagate Technology reported financial results for its fiscal first quarter ended October 4, 2019.

Highlights：

- Revenue of $2.58 billion

- GAAP diluted earnings per share (EPS) of $0.74; non-GAAP diluted EPS of $1.03

- Cash flow from operations of $456 million and free cash flow of $309 million

- Repurchased 9.2 million shares for $450 million

- Raised the quarterly cash dividend to $0.65 per share payable on January 8, 2020

"Seagate had a solid start to the fiscal year; we grew revenue, expanded non-GAAP operating income, and increased non-GAAP EPS quarter-over-quarter reflecting our focus on optimizing profitability to drive free cash flow,” said Dave Mosley, Seagate’s chief executive officer.

"Exabyte shipments were near record levels in the first quarter driven by improving demand conditions for mass capacity storage. We are ramping shipments of our industry capacity leading 16-terabyte drives to support strong customer demand. We continue to gain momentum with these products, which deliver lower total cost of ownership to our customers. While business conditions remain challenging over the near-term amidst ongoing geopolitical uncertainties, our innovative technology roadmap makes us well positioned to capture current and future mass capacity storage demand while also driving long-term value for our shareholders.”

Business Outlook

The business outlook for the fiscal second quarter 2020 is based on our current assumptions and expectations; actual results may differ materially, as a result of, among other things, the important factors discussed in the Cautionary Note Regarding Forward-Looking Statements section of this release.

The Company is providing the following guidance for its fiscal second quarter 2020:

-Revenue of $2.72 billion, plus or minus 5%

-Non-GAAP diluted EPS of $1.32, plus or minus 5%