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

AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results

Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared

Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss

Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million

Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?

With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard

Tags

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