Oct 22 (Reuters) - Seagate Technology ( STX ) forecast

second-quarter profit above Wall Street estimates and beat

quarterly results on Tuesday, owing to the significant increase

in cloud demand from global customers for its memory chips.

As cloud service providers are building out infrastructure

to support cloud computing workloads and new AI-related

deployments, they are expanding their hardware stack, which is

positively impacting hard disk drives makers such as Seagate ( STX ).

Seagate ( STX ) forecast second-quarter adjusted profit of $1.85 per

share, with a margin of 20 cents either way, compared with

estimates of $1.73, according to data compiled by LSEG.

Hopes of a recovering economy and growing demand for

AI-powered PCs amongst consumer and commercial buyers have also

helped the data storage business.

The company expects revenue for the second quarter to be

$2.30 billion, plus or minus $150 million, compared with

estimates of $2.29 billion.

It reported revenue of $2.17 billion for the first quarter

ended Sept.27, compared with analysts' average estimate of $2.13

billion.

The data-storage firm posted adjusted earnings of $1.58 per

share in the first quarter, above analysts' expectations of

$1.48 per share.