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Seagate Technology Plc (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.
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.
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!
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Seagate Technology (STX) Beat Q3 Earnings, Misses Revenues
Seagate Technology Plc (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 #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 >>