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April 22, 2020, 5:35 p.m. EDT

Seagate stock declines following earnings beat

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By Wallace Witkowski

STX

Seagate Technology PLC /zigman2/quotes/201824240/composite STX -0.58% shares fell in the extended session Wednesday even after the data-storage device company's results topped Wall Street forecasts. Seagate shares declined 4.4% after hours, following a 2% rise in the regular session to close at $50.74. The company reported fiscal third-quarter net income of $320 million, or $1.23 a share, compared with $195 million, or 69 cents a share, in the year-ago period. Adjusted earnings were $1.38 a share. Revenue rose to $2.72 billion from $2.31 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.30 a share on revenue of $2.61 billion. Seagate expects earnings of $1.15 to $1.41 a share on revenue of $2.42 billion to $2.78 billion, while analysts had forecast $1.28 a share on revenue of $2.57 billion.

/zigman2/quotes/201824240/composite
US : U.S.: Nasdaq
$ 44.87
-0.26 -0.58%
Volume: 1.76M
Aug. 6, 2020 12:48p
P/E Ratio
11.78
Dividend Yield
5.81%
Market Cap
$11.58 billion
Rev. per Employee
$263,814
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