Seagate Technology PLC (STX) Q3 2020 Earnings Call Transcript

Seagate Technology PLC (STX) Q3 2020 Earnings Call Transcript

We posted our earnings press release and detailed supplemental information for our March 2020 quarter on the Investors Section of our website.. Reconciliation to the corresponding GAAP measures is not available without unreasonable effort.. I'd like to take a moment to send our thoughts to those affected by the virus and recognize the healthcare professionals and other workers, who are selflessly supporting our communities through this crisis.. Based on our current assumptions we do expect some supply related impact in the June quarter.. Looking at the markets, Seagate's third quarter revenue from mass capacity storage increased 18% quarter-over-quarter and 68% year-over-year, supported by record sales of our nearline products.. We believe the trends drove a broadening of cloud customer demand for our nearline products toward the end of the quarter, which has continued into the June quarter.. More positively within the applications average capacity per drive increased to over 4 terabytes in the March quarter.. The applications combined with the transition to higher capacity drives create meaningful growth opportunities for our mass capacity storage solutions in this market over the long-term.. Let me touch on legacy markets, which encompass the consumer electronic space, desktop and notebook PCs and performance mission