The Cupertino, Calif., company reported adjusted net income of 86 cents a share, ahead of the 84-cent consensus estimate of analysts surveyed by FactSet. The year-earlier figure was $1.62 a share.
Revenue of $2.37 billion was 16% below the $2.84 billion it generated a year ago. It exceeded analysts' $2.33 billion estimate.
For the fiscal 2020 first quarter, Seagate expects earnings of 90 cents a share on revenue of $2.55 billion. FactSet's survey pegs earnings of $1.11 a share on revenue of $2.53 billion.
"As we enter our next fiscal year, global industry conditions have started to improve, particularly among cloud and hyperscale customers. Seagate is in a strong strategic position to address growing demand for mass storage," CEO Dave Mosley said in a statement.
The company was down 6.82% to $43.10 Friday.
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