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Seagate Q2 Beats Earnings and Revenue Estimates, Strong Guidance

Seagate Technology Holdings Plc. (NASDAQ:STX) shares were mostly flat in Tuesday's extended trading after the company released its second-quarter earnings report.

Here's a look at the key figures from the quarter. 

The Details: Seagate reported quarterly earnings of $3.11 per share, which beat the analyst consensus estimate of $2.81 by 10.52%, according to data from Benzinga Pro.

Quarterly revenue hit $2.83 billion, which beat the Street estimate of $2.73 billion and was up from revenue of $2.33 billion from the same period last year.

“Seagate’s December quarter results exceeded our expectations on both the top and bottom line, setting new records for gross margin, operating margin and non-GAAP EPS. This performance highlights our team’s strong operational execution, the durability of data center demand, and the ongoing ramp of our HAMR-based Mozaic products,” said Dave Mosley, CEO of Seagate.

Outlook: Seagate expects third quarter adjusted EPS of $3.20 to $3.60, versus the $2.96 analyst estimate, and revenue of $2.8 billion to $3 billion, versus the $2.77 billion analyst estimate.

STX Stock Price: According to data from Benzinga Pro, Seagate Technology stock slid 2.28% to $363.27 in Tuesday's extended trading.  

Photo: Shutterstock

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