Investors Like Seagate's Q1 Numbers
Seagate Technology PLC (NASDAQ: STX) delivered a second straight quarter of earnings beat.
The company reported net income of $167 million, or EPS of $0.55, while adjusted profit was $299 million or $0.99 a share in the first quarter. Revenue fell 4.4 percent to $2.8 billion.
Analysts' expected the disk storage maker to earn EPS of $0.79 on revenue of $2.79 billion.
Last year, Seagate delivered adjusted profit of $165 million, or EPS of $0.54, on revenue of $2.93 billion.
Chairman and CEO, Steve Luczo, said, "In response to strong cloud storage customer demand, Seagate delivered record levels of exabyte shipments, and generated strong revenues, margin and cash flow in the September quarter. In addition, as a result of our operating expense management, the company's non-GAAP earnings per share increased by 85% year over year."
Following the results, the stock traded at $36.00 in the pre-market trading adding $0.66, or 1.87 percent, to its overnight closing price.
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