Seagate Technology Holdings plc (STX) Management presents at UBS 50th Annual Global TMT Conference (Transcript)

Seagate Technology Holdings plc (NASDAQ:STX) UBS 50th Annual Global TMT Conference Call December 6, 2022 8:20 AM ET

Company Participants

Gianluca Romano - CFO

Conference Call Participants

Tim Arcuri - UBS

Tim Arcuri

Good morning, thank you. I am Tim Arcuri. I am the semi and semi equipment analyst here at UBS. Very happy to have Seagate with us. On this next slot, we have Gianluca Romano, who is the CFO of Seagate. So, we're going to talk about the company and I have a bunch of questions, so maybe you want to read a statement first and then we can go into the Q&A.

Gianluca Romano

Yes, thank you Tim. Thank you for inviting us today. Well, first of all, I'm here to remind everyone that I will be making forward-looking statements today, and you can learn more about the risks associated with those statements on our website.

Question-and-Answer Session

Q - Tim Arcuri

Great, awesome. Thank you for that. So, Gianluca, let's start by taking about -- and maybe you can sort of give us a, just your sense of where end demand is, and obviously we've -- there is some digestion going on for Nearline, that’s pretty early, you were very, very clear -- you were clear about that last call. So, can you just talk about some of the dynamics in terms of demand for cloud and enterprise and some of the other end markets?

Gianluca Romano

Yes, we discussed a bit about earnings release and few meetings after the earnings release. There are different factors that are impacting demand in the short-term. The first one actually is not really the U.S. cloud inventory. I think the major factor for us is actually the slowdown of the economy in China, that is in terms of revenue, is where we get to the majority