UPDATE: Seagate FQ1 Profit Beats Estimates

Seagate Technology PLC STX reported upbeat earnings for the first quarter. The Dublin, Ireland-based company posted a quarterly profit of $381 million, or $1.13 per share, versus a year-ago profit of $427 million, or $1.16 per share. Excluding certain items, the company earned $1.34 per share. Its revenue climbed 8.5% to $3.79 billion. However, analysts were expecting earnings of $1.24 per share on revenue of $3.63 billion. Seagate's cost of revenue rose 8.8% to $2.73 billion. During the quarter, Seagate paid cash dividends of $140 million and repurchased around 3 million ordinary shares for $183 million. “We achieved strong financial results in the first fiscal quarter, driven by consistent execution and better-than-anticipated market demand for our PC and Cloud storage products,” said Steve Luczo, Seagate's chairman and chief executive officer. Seagate shares rose 1.75% to $59.38 in pre-market trading.