Seagate Technology Earnings: Surges Past Analyst Estimates

Seagate Technology (NASDAQ:STX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. Shares are up 0.16%.

Seagate Technology Earnings Cheat Sheet

Results: Net income decreased -7.1% to $523 million ($1.38 per diluted share) in the quarter versus a net gain of $563 million in the year-earlier quarter.

Revenue: Rose to $3.7 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Seagate Technology. reported adjusted net income of $1.38 per share. By that measure, the company beat the mean analyst estimate of $1.28. It beat the average revenue estimate of $3.58 billion.

Quoting Management: “Seagate is executing well in an environment where customer demand forecasting is challenging,” said Steve Luczo, Seagate’s chairman, president and chief executive officer. “Looking ahead, we will continue to manage our business conservatively to the demand environment, focus on profitability and effectively invest for market leadership in storage for mobility, cloud and open source…