Seagate Technology reported a significant surge in its fourth-quarter profit, driven by increasing demand for data storage fueled by the artificial intelligence boom. The company's net income reached $1.29 billion, or $5.58 a share, a substantial increase from $488 million, or $2.24 a share, in the previous year.

Adjusted earnings per share came in at $5.71, surpassing the $5.10 anticipated by analysts polled by Fact Set. Revenue also saw a healthy rise, climbing to $3.63 billion from $2.44 billion in the prior year, exceeding Wall Street's expectation of $3.5 billion.

This strong performance highlights the growing need for mass-capacity data storage solutions as AI technologies continue to expand and generate vast amounts of data.