Seagate Tech Returns To Profit In Q2, Aims For Strong Q3 EPS Growth
Seagate Technology Holdings PLC (NASDAQ: STX) shares are volatile in Wednesday's after-hours session on the heels of the company's second-quarter earnings. Here's what you need to know.
What To Know: Seagate reported quarterly earnings of 12 cents per share, surpassing the analyst consensus estimate of a six-cent loss.
The company clocked Revenue of $1.56 billion, marginally exceeding analyst expectations of $1.55 billion. The figure marks a 17.33% decrease in sales of $1.89 billion from the same period last year.
The company also generated $169 million in operating cash flow during the quarter and a free cash flow of $99 million.
Seagate anticipates third-quarter adjusted earnings per share to be between five cents and 45 cents, versus the estimate of 18 cents. It anticipates Revenue between $1.5 billion and $1.8 billion, versus the $1.64 billion estimate.
"Seagate delivered strong financial results in the December quarter, marked by 7% sequential revenue growth and non-GAAP EPS returning to profitability and exceeding the high end of our guidance range," said Dave Mosley, Seagate's CEO. "Results were led by improving cloud nearline demand as early signs of market recovery emerge."
Related Link: Las Vegas Sands Stock Rises Despite Mixed Q4 Financial Results: The Details
STX Price Action: Shares of Seagate were down 0.30% at $88.90 in the after-hours session at the time of publication, according to Benzinga Pro.
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