The company reported adjusted earnings of 83 cents per share on revenue of $2.31 billion. Analysts polled by Zacks were looking for earnings of 72 cents per share on revenue of $2.31 billion.
"Seagate executed very well in the third quarter while navigating near-term demand headwinds. Our focus on operational efficiency and expense discipline drove better-than-expected EPS and free cash flow generation," said Dave Mosley, Seagate's chief executive officer. "We began shipping the industry's first 16-terabyte high capacity drives in the fiscal third quarter and expect to ramp high volume production in the second half of calendar 2019."
Separately, the company declared a quarterly cash dividend of 63 cents per share payable July 3 to shareholders of record on June 19.