NEW YORK (TheStreet) -- Shares of Seagate (STX) were down nearly 9% shortly after the opening bell Tuesday after the company reported lower revenue and earnings for the quarter that ended in December.
Sales of $3.53 billion failed to match the $3.67 billion the company logged a year earlier. Earnings were just $428 million, vs. $492 million a year before.
This came just one week after Seagate shares hit an all-time high of $62.76, the price having jumped more than 75% over the previous year.
Both Seagate and its main rival, Western Digital (WDC), had been on the rise through January after one of their main suppliers, Hutchinson Technology (HTCH), reported preliminary December numbers that soundly beat consensus estimates.
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