Categories Earnings

Seagate tops third quarter earnings and revenue estimates

Data storage company Seagate Technology (STX) reported third-quarter 2018 results that beat consensus estimate on the top and bottom line. Revenue rose 4.9% to $2.80 billion, topping the analysts’ anticipation. This growth in revenue was aided by strong demand for mass storage products.

The Derry-based electronics manufacturer’s earnings almost doubled to $381 million, or $1.31 per share, compared to the year-ago quarter. Adjusted earnings were up 33% to $1.46 per share. Despite the profit and revenue beat, Seagate’s shares tanked about 10% during the first hour of trading.

Seagate, which is a part of a consortium to acquire Toshiba’s chip unit, reported having cash and cash equivalents of $2.9 billion at the end of third quarter 2018.

Seagate Q3 2018 Earnings

“Looking ahead, the growing Data Age demand on storage, combined with consistent investment in our leading storage technology platforms and efficient operational capabilities, will continue to drive economic value for customers and returns for shareholders,” said CEO Dave Mosley.

Last Thursday, Seagate’s rival Western Digital (WDC) posted upbeat earnings and outlook. The company’s earnings rose to $3.63 per share and revenue surged 8% year-over-year to $5.01 billion. However, the volatility in the memory industry has dragged down the stock by 10% since its earnings announcement.

Most Popular

Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO

Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training

INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues

Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came

Riding the AI wave, Nvidia looks set to stay on the high-growth path

After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top