Seagate shares slide 5% premarket as sales fall and profit guidance falls short [MarketWatch]
Last seagate tech earnings: 8/2 08:01 am
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US:NASDAQ Investor Relations: seagate.com/investors/overview
Seagate shares slide 5% premarket as sales fall and profit guidance falls short Seagate Technology PLC shares STX, -4.43% fell 5$ in premarket trade Friday, after the maker of hard disk drives and storage products said revenue fell in its fiscal fourth quarter and offered soft profit guidance. Cupertino, Calif.-based Seagate said it had net income of $983 million, or $3.54 a share, in the quarter to June 28, up from $461 million, or $1.57 a share, in the year-earlier period. The number was boosted by a one-time tax benefit of $702 million. Excluding that benefit, adjusted per-share earnings came to 86 cents, ahead of the 84 cents FactSet consensus. Revenue fell to $2.371 billion from $2.835 billion, ahead of the FactSet consensus of $2.326 billion. "As we enter our next fiscal year, global industry conditions have started to improve, particularly among cloud and hyperscale customers," Chief Executive Dave Mosley said in a statement. "Seagate is in a strong strategic position to add
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