Investor Alert

New York Markets Open in:

Market Pulse Archives

Oct. 22, 2021, 8:33 a.m. EDT

Seagate tops earnings expectations as cloud data-center demand remains strong

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Seagate Technology Holdings PLC (STX)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Emily Bary

Seagate Technology Holdings PLC /zigman2/quotes/201824240/composite STX +5.52% delivered better-than-expected earnings Friday morning and issued a forecast for the current period that exceeded analyst expectations at the midpoint. The company reported fiscal first-quarter net income of $526 million, or $2.28 a share, up from $223 million, or 86 cents a share, in the year-earlier period. On an adjusted basis, Seagate earned $2.35 a share, up from 93 cents a year prior and ahead of the FactSet consensus, which called for $2.21 a share. Seagate's revenue increased to $3.12 billion from $2.31 billion, while analysts had been looking for $3.11 billion. The company benefited from "ongoing demand from cloud data-center customers and strength in the video and image applications markets," Chief Executive Dave Mosley said in a release. For the fiscal second quarter, the company expects $2.95 billion to $3.25 billion in revenue and $2.20 to $2.50 a share in adjusted earnings. Analysts were modeling $3.0 billion in revenue and $2.13 in adjusted earnings per share for the December quarter. Seagate shares have declined 1.1% over the past three months as the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.32% has added 4.4%.

US : U.S.: Nasdaq
$ 104.06
+5.44 +5.52%
Volume: 2.43M
Nov. 29, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$21.96 billion
Rev. per Employee
+60.65 +1.32%
Volume: 2.50B
Nov. 29, 2021 4:57p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.