Seagate Technology Public Limited Company (STX - Free Report) 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 #2 (Buy), but that could definitely change following the company’s first 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 99 cents, which beat the Zacks Consensus Estimate by a dime. Earnings jumped almost 83% driven by strong demand for HDD storage.
Revenues: Seagate posted revenues of almost $2.80 billion, which comfortably surpassed the Zacks Consensus Estimate of $2.77 billion.
Key Stats: Seagate reported gross margin of 29.5% in the quarter.
Stock Price: Shares are up 1.84% in the pre-market session.
Check back later for our full write up on this STX earnings report later!
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