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the regarding recovery altered later a calendar now our begin the As timing outlook in to of and we've result, trajectory year.
actions are the business we to In and response market aggressive to further ultimately the Seagate costs to reduce recovery position environment, taking downturn to navigate and this thrive when comes. current rightsize
cycle, this capacity by secular opportunities applications as data emerge new and the of of growth the about relevance presented remain long-term the Beyond cloud. storage migrate the workloads and excited we mass data-centric to more
on We in our us this map, progress industry-leading launching road position. continue outstanding including make to HAMR-based which technology strong we believe longer-term quarter, products put
today, some on current on you I my greater on update In share context our and our restructuring perspectives product initiatives will the remarks dynamics, plans. provide market
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environment. business near-term Turning now the to
business, the year, the our navigating is a activity large our has complex customers cloud few digestion nearline on initially compounded demand end China consumer Inventory and For all country's economic quarter pressures is that recently now been among These have affecting COVID been impacting shaped a primary macro weakening impacted and end-markets. market our and past lower to factors. conditions by lockdown in Seagate that dynamics. owing policy weighed of
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their economy remain market Within continues constructive outlook the end the demand customers to China reopen. markets, as on
for to growth These customers. were economy demand revenue demand year. for some service lifted. and timing begin However, in China sectors that after for the recovery regional restrictions movement Despite digital the cloud later are demand lockdown pushing positive as the bodes calendar cloud consumer are we COVID historically rising uncertainties pushout, consumer a in macro well seeing to growth in growth support trends has led
on Within future two factors. the demand is markets, VIA pickup based
were during in will resume will that several months, recall the the lockdowns. these Customers reopens projects existing projects which VIA expect consume delayed you coming as First, COVID gradually the economy to
inventory that these projects. existing earmarked for HDD was
free enterprise global and we and improves. Second, new manufacturing as smart initiatives the smart budgets expect up city economy momentum government and build funding to
volumes, our are extended we lower late March, reset operational is phase realized we to the cloud live across manage various production functions environment, In of headcount control. dynamic adjust efficiencies our edge plans. first to restructuring this efforts business our In and align continuing our to within what to support with factory
back in investments scaling infrastructure. we Lyve existing on new as our Cloud are focus filling We
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Since significantly of X% fiscal QX, out than capacity. debt lowered we've reduced $XXX million cost by taken more our and structure, manufacturing
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support resources towards higher-return markets, levels prioritizing businesses. continue products at rationalizing will noncore we and while end investments aimed Finally, and
end, in preserve our executing able To agile time-to-market stronger, product we a growth environments, preserve emerge leadership more on well to to road is technology our momentum. let goal advantage. navigate to have that and up company map our demand all return Our not significant HAMR-based profitable to
this and launch our We are partner, as solutions. units quarter initial shipping well the a from achieved cloud our platforms last to tracking to and of milestone recognize key revenue to Corvault stated we qualification plans initial of terabyte part week XX-plus system expect
will decades will as be a cost-efficient, that are even world and a storage productization sustainable cost capacity data rapidly further media, extend large current advantage value. believe the storage We and prices. have The HAMR of to increasing with competitive led enabler to even development important mass multiple market where is more today in other growing highly compared us in HAMR
from more to greater per compared provides increasing through to this PMR demand current efficiencies four far Seagate's gains to capital areal growing over service by density terabytes time. Additionally, or disc technology ability five capacities with three
translate of a TCO data most are typically cloud used by calendar areal early to highest drives capacity enterprise in more and in and density depending at advantaged in ability customer begin centers that leadership XXXX, range the lower We to ramp across drives Seagate's We high-volume VIA from to time mid-cap used the lines customers. time. qualification confident currently macro on broad conditions customers into expect prevailing and the
the model. on to environment, long performance HAMR the create should we foundation are Company realizing targeted our for improved term. believe an to towards our platform, we very vital Seagate which, demand And focused we are our differentiated that we with positioning as to along savings drive move Tactically, the transition financial strategically financial targeted over
over Thanks. And the turn I'll to now call Gianluca.
