Seagate Technology plc (NASDAQ: STX), a leading provider of data storage solutions, Thursday said its earnings declined in the first quarter of 2021, owing to a 10% fall in revenues. The bottom line, however, came in above Wall Street’s expectations.
At $2.31 billion, first-quarter revenues were down 10% from the corresponding period of 2020 and below the consensus forecast.
Consequently, adjusted earnings dropped to $0.93 per share from $1.03 per share last year, but exceeded estimates. Meanwhile, net income rose to $223 million or $0.86 per share from $200 million or $0.74 per share in the first quarter of 2020.
Seagate’s shares made modest gains on Thursday evening following the announcement, after closing the regular session higher.
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