Shares in Seagate Technology Holdings plc fell slightly in late trading today after the data storage company reported mixed results in its latest earnings report.

For its fiscal fourth quarter that ended June 30, Seagate reported a loss before costs such as stock compensation of 18 cents, down from a profit of $1.59 per share in the same quarter of last year. Revenue plunged to $1.602 billion, from $2.628 billion a year prior.

Earnings was a beat, as analysts had been expecting an adjusted loss of 26 cents per share, while revenue was a miss versus an expected $1.69 billion. For its full fiscal 2023, Seagate reported adjusted earnings per share of 19 cents on revenue of $7.384 billion.

Seagate generated $218 million in cash flow from operations and $168 million in free cash flow during its fourth quarter and $942 million and $626 million, respectively, over the full fiscal year. During the year, Seagate returned $990 million of capital to shareholders through the payment of cash dividends of $582 million and, in the fiscal first quarter of 2023, used $408 million to repurchase 5.4 million ordinary shares.

But because of the broader macroeconomic environment, Seagate paused its stock repurchase program from the remainder of the year and instead used additional cash flow to reduce its debt by about $800 million through debt exchange, retirement and restructuring.

“Our fourth quarter and fiscal 2023 performance reflected the uneven pace of economic recovery in China, cloud inventory digestion and cautious enterprise spending amid the uncertain macroeconomic environment,” Chief Executive Dave Mosley said in the company’s prepared remarks. “The proactive actions we’ve taken to lower costs, manage production output, reduce debt and drive operational leverage have underpinned resilient performance and solid cash generation while continuing to advance our revolutionary HAMR [Heat Assisted Magnetic Recording] technology.”

For the first quarter of Seagate’s fiscal 2024, the company expects an adjusted loss per share of 16 cents, plus or minus 20 cents, on revenue of $1.55 billion, plus or minus $150 million.

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