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Seagate: Fiscal 2Q Earnings Snapshot

DUBLIN (AP) _ Seagate Technology PLC (STX) on Tuesday reported fiscal second-quarter net income of $318 million.

The Dublin-based company said it had profit of $1.20 per share. Earnings, adjusted for stock option expense and amortization costs, were $1.35 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.

The electronic storage maker posted revenue of $2.7 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $2.72 billion.

Seagate shares have dropped nearly 1% since the beginning of the year, while the Standard & Poor's 500 index has risen 2%. In the final minutes of trading on Tuesday, shares hit $58.99, an increase of 29% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STX at https://www.zacks.com/ap/STX