Storage solutions provider Seagate Technology plc (NASDAQ: STX) announced fourth-quarter 2021 results on Wednesday morning, reporting a double-digit increase in earnings and revenues. The results also topped the market’s projection.
The adjusted net income was $2.00 per share in the June quarter, up from last year’s earnings of $1.20 per share and above the consensus estimates. Reported profit rose to $482 million or $2.07 per share from $166 million or $0.64 per share in the fourth quarter of 2020.
The strong bottom-line performance reflects a 20% increase in revenues to $3.01 billion. The top-line also exceeded the expert’s forecast.
Read management/analysts’ comments on Seagate’s Q4 report
Seagate’s shares gained in early Wednesday soon after the earnings announcement, after closing the previous session higher.