U.S. markets closed
  • S&P 500

    3,585.62
    -54.85 (-1.51%)
     
  • Dow 30

    28,725.51
    -500.10 (-1.71%)
     
  • Nasdaq

    10,575.62
    -161.89 (-1.51%)
     
  • Russell 2000

    1,664.72
    -10.21 (-0.61%)
     
  • Crude Oil

    79.74
    -1.49 (-1.83%)
     
  • Gold

    1,668.30
    -0.30 (-0.02%)
     
  • Silver

    19.01
    +0.30 (+1.62%)
     
  • EUR/USD

    0.9801
    -0.0018 (-0.19%)
     
  • 10-Yr Bond

    3.8040
    +0.0570 (+1.52%)
     
  • GBP/USD

    1.1166
    +0.0043 (+0.38%)
     
  • USD/JPY

    144.7200
    +0.2770 (+0.19%)
     
  • BTC-USD

    19,141.72
    -200.58 (-1.04%)
     
  • CMC Crypto 200

    443.49
    +0.06 (+0.01%)
     
  • FTSE 100

    6,893.81
    +12.22 (+0.18%)
     
  • Nikkei 225

    25,937.21
    -484.84 (-1.83%)
     

Seagate Technology (STX) Beat Q3 Earnings, Misses Revenues

Seagate Technology Plc STX is one of the largest manufacturers of hard disk drives (HDD) which caters to the needs of individual and small businesses.

However, for the past few years the company is focusing on the larger enterprise segment, where technology upgrades and cloud-related investments are on the rise. Moreover, Seagate’s cloud-based applications have generated ample customer interest.

Estimates for Seagate have moved northward, pushing up the Zacks Consensus Estimate as well. Also, the company does have somewhat decent history when it comes to recent earnings reports as the stock has beaten estimates thrice and misses once in the last four quarters.

Currently, Seagate has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

However, the Zacks Rank could definitely change following the company’s third-quarter fiscal 2017 report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Seagate reported non-GAAP earnings of $1.10, which beat the Zacks Consensus Estimate by 4 cents.
 

Seagate Technology PLC Price

Seagate Technology PLC Price | Seagate Technology PLC Quote

Revenues: Seagate posted revenues of almost $2.67 billion, which missed the Zacks Consensus Estimate of $2.69 billion.

Key Stats: Seagate reported gross margin of 31.4% in the quarter.
 
Stock Price:  Shares are down more than 5% in the pre-market session.


Check back later for our full write up on this STX earnings report later!

 

Zacks’ Best Private Investment Ideas

While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.

Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Seagate Technology PLC (STX): Free Stock Analysis Report
 
To read this article on Zacks.com click here.