Seagate Technology Rises After Q3 Results

Hard-drive maker Seagate Technology

released its fiscal third-quarter earnings results after the closing bell on Wednesday. In late trading, the stock was last up more than 2 percent to $37.75. The company reported net income of $416 million or $1.13 per share, a sharp decline from the $1.15 billion or $2.48 per share, the company reported in last year's third-quarter. On an adjusted basis, earnings for the period were $464 million or $1.26 per share, compared to $1.58 billion or $4.10 per share, last year. This topped Wall Street profit estimates of $1.15 per share. Revenue for the quarter was $3.53 billion versus $4.45 billion in the year ago period. This also came in better than analysts' consensus sales estimates of $3.38 billion.