New York, Jan 30, 2026, 17:32 EST — After-hours
Seagate Technology Holdings shares fell $38.87, or 8.7%, to $407.69 in after-hours trading on Friday, in electronic trading that continues after the U.S. market close. The stock ranged from $397.34 to $462.98 during the session.
The late-day slide matters because Seagate has become a proxy for how hard investors are leaning into data-center spending tied to artificial intelligence, the tech that powers tools such as chatbots. When these trades wobble, they tend to do it fast.
That shift was in focus again on Friday after the company filed a quarterly report on Form 10‑Q with the U.S. Securities and Exchange Commission, signed by Chief Financial Officer Gianluca Romano on Jan. 30. The filing covers the quarter ended Jan. 2, giving investors another pass through the numbers, debt terms and risk disclosures beyond the headline release. (SEC)
Seagate said earlier this week it posted fiscal second-quarter revenue of $2.83 billion, with adjusted (non‑GAAP) earnings of $3.11 a share and adjusted gross margin of 42.2%. “This performance highlights … the durability of data center demand,” Chief Executive Dave Mosley said, pointing to the ramp of HAMR-based Mozaic products — heat-assisted magnetic recording, a method aimed at packing more data onto disks. The company also guided to fiscal third-quarter revenue of $2.90 billion, plus or minus $100 million, and adjusted EPS of $3.40, plus or minus $0.20, and declared a $0.74 quarterly dividend payable April 8 to holders of record March 25. (Seagate Investors)
Analysts have been leaning on the supply story. Asiya Merchant at Citi wrote that Seagate is “sold out for 2026,” and said long-term agreements with major cloud customers point to “strong demand visibility extending into 2027,” with some already “discussing demand for 2028 to ensure supply.” (Nearline drives are the high-capacity hard drives used in big data centers.) (Barchart)
The broader storage complex has been whippy, not uniform. Western Digital forecast third-quarter adjusted revenue of $3.2 billion, plus or minus $100 million, above analysts’ estimates, and said demand for hard drives and flash storage for AI servers would continue to drive growth, according to Reuters. (Reuters)
Flash-memory maker Sandisk jumped 14.7% on Friday after it projected third-quarter profit and revenue well above expectations and extended a major supply deal, Reuters reported. Sandisk forecast revenue of $4.4 billion to $4.8 billion and adjusted profit of $12 to $14 per share, and said it extended its supply agreement with Kioxia through the end of 2034; the report also flagged robust gains in rivals including Micron Technology. (Reuters)
But the downside case is still there. If cloud customers slow capacity additions, or if supply comes online faster than buyers expect, pricing power can slip and margins can come under pressure — and a stock that has been re-rated on tight supply doesn’t need much of a wobble to move.
Traders will be watching whether Friday’s drop draws more selling into Monday’s open, or whether buyers step back in once the after-hours noise fades. The 10‑Q is also a reminder that the market will keep drilling into cash generation, leverage and the pace of capital returns, not just the next headline beat.
The backdrop next week is also touchy. Reuters’ “Week Ahead” column flagged a heavy run of earnings and a U.S. jobs report due Feb. 6, and quoted Jim Baird of Plante Moran Financial Advisors warning that “for those companies where expectations have become very, very lofty, the onus is going to be on them to deliver.” (Reuters)
For Seagate, that puts the next catalyst in plain view: how markets react to high-expectation tech names into the Feb. 6 jobs report, and whether the AI-storage trade steadies before the next session.
