Updated from 5:09 p.m. ET to add Seagate's guidance and latest share price.
CUPERTINO, Calif. (TheStreet) -- Seagate (STX) shredded Wall Street's earnings forecast in its second-quarter results, released after market close on Tuesday, with the company's revenue also topping expectations.
Excluding items, Seagate earned $1.32 per share on net income of $581 million, down from $1.67 per share and net income of $727 million in the same period last year. Wall Street had forecast earnings of $1.08 a share.
|Seagate reported its second-quarter results after market close on Tuesday.|
The hard drive specialist brought in sales of $3.2 billion, up from $2.7 billion in the prior year's quarter. Analysts were looking for sales of $3.15 billion.The Fujitsu and Western Digital (WDC) rival shipped 47 million hard drives during its fiscal second quarter, according to the company's press release. For the coming quarter, Seagate projected revenue of $4.3 billion, broadly in line with analysts' estimate of $4.34 billion. The company expects to ship 60 million hard drives during the quarter. Shares of Seagate, which recently hit a new 52-week high, surged $1.16, or 5.49%, to $22.30 in extended trading. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV