Why Seagate Technology Shares Are Trading Higher Today?

Seagate Technology STX shares are trading higher after the company reported better-than-expected 2023 Q2 results.

Seagate reported quarterly earnings of $0.16 per share, versus the analyst consensus estimate of $0.10. This is a 93.36 percent decrease over earnings of $2.41 per share from the same period last year. The company reported quarterly sales of $1.89 billion, versus the analyst consensus estimate of $1.83 billion. This is a 39.35 percent decrease over sales of $3.12 billion the same period last year.

The company expects third-quarter revenues to be between $1.85 to $2.15 billion, versus the $1.86 billion analyst consensus estimate and adjusted earnings per share is expected to be between $0.05 to $0.45, versus the $0.29 estimate.

"In the December quarter, we delivered revenue and non-GAAP EPS slightly above our guidance midpoint and extended a decade-long trend of generating positive free cash flow," said Dave Mosley, Seagate's CEO.

STX Price Action: Seagate Technology has a 52-week high of $117.0299 and a 52-week low of $47.47.

Seagate Technology shares are up 12.3% at $69.92 at time of publication, according to Benzinga Pro.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: MoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!