Revenues of the Cupertino, California-based storage device maker advanced about 14% to $2.99 billion during the three-month period, helped by a 41% growth in exabyte shipments to 98.8EB. The top line surpassed market expectations. Average capacity per drive rose to a two-year high of 2.5TB.
“By delivering competitive cost-effective mass storage solutions, Seagate is a crucial supplier in supporting the Data Age digital transformations that are happening across the storage marketplace. We believe our deep storage industry expertise, leading technology portfolio, and focused execution will continue to drive long-term success for the company and deliver value to our shareholders,” said CEO Dave Mosley.
The management repurchased 3 million shares for about $150 million in the first quarter, and declared a quarterly cash dividend of $0.63 per share, to be paid on January 2, 2019. The board of directors approved a repurchase authorization of up to $2.3 billion of shares, raising the total repurchase authority to $3 billion.
Seagate shares dropped about 5% in early trading Friday, after gaining as much in the premarket. The stock had closed the previous trading session sharply higher.
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