Categories AlphaGraphs, Earnings, LATEST, Technology
Infographic: Seagate Technology (STX) Q1 earnings drop but beat view
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.
Read management/analysts’ comments of Seagate’s Q1 2021 results
Seagate’s shares made modest gains on Thursday evening following the announcement, after closing the regular session higher.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
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