Updated from 5:09 p.m. ET to add Seagate's guidance and latest share price.
CUPERTINO, Calif. (
(STX - Get Report)
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.
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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
, surged $1.16, or 5.49%, to $22.30 in extended trading.
Written by James Rogers in New York.
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