Results from the hard drive specialist, which announced its preliminary results earlier this month, came in below Wall Street's top- and bottom-line estimates, but hiked its dividend. Seagate's fourth-quarter gross margin was 33.1%, or 33.6% excluding items.
"As we announced previously, we were disappointed not to meet our revenue and margin plan for the fourth quarter as a result of the industry's faster recovery from the supply chain disruption and an isolated supplier issue that we experienced," said Steve Luczo, Seagate's CEO, in a statement released after the market close.
Seagate shares slumped 8.31% to $27.90 before market open on Tuesday.The Cupertino, Calif.-based firm was also one of the most active Nasdaq stocks on share volume of 261,020. Sirius XM (SIRI), which reports its second-quarter results next week, was another active Nasdaq stock on share volume of 535,248. Shares of the satellite radio specialist slipped 0.46% to $2.18 before market open. Cirrus Logic (CRUS), however, was a major gainer, climbing 20.98% to $36.10 after reporting strong first-quarter results and offering robust outlook on Monday. As a key Apple (AAPL) partner, the chipmaker's healthy guidance may point to the launch of the new iPhone, which is rumored to debut in September or October. Apple shares rose 1.35% to $603.05 in premarket trading. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV