Seagate Falls Despite Q4 Earnings Beat
Seagate Technology (NASDAQ: STX) reported fourth-quarter earnings of 86 cents per share, which beat the analyst consensus estimate of 84 cents by 2.38%. This is a 46.91% decrease over earnings of $1.62 per share from the same period last year.
The company reported quarterly sales of $2.371 billion, which beat the analyst consensus estimate of $2.33 billion by 1.76%. This is a 16.37% decrease over sales of $2.835 billion the same period last year.
"We continued to execute well in the June quarter in the midst of an uncertain global environment," said Dave Mosley, Seagate's CEO. “We once again delivered on all of our financial expectations, while driving higher operating profit and earnings per share quarter-over-quarter, and demonstrating our ongoing focus on optimizing free cash flow.”
Seagate shares were trading down 4.89% at $44 in Friday’s pre-market session. The stock has a 52-week high of $57.20 and a 52-week low of $35.38.
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