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Seagate Technology Rises After Q3 Results

Seagate Technology Rises After Q3 Results

Hard-drive maker Seagate Technology (NASDAQ: STX) 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.

Posted-In: Earnings News Guidance After-Hours Center Movers Best of Benzinga


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