NEW YORK (TheStreet) -- Seagate Technology (STX) - Get Report stock is gaining 7.59% to $28.79 on heavy trading volume on Friday afternoon after the Cupertino, CA-based company reported financial results that surpassed estimates for the fiscal 2016 second quarter.
The data storage manufacturer reported earnings of 82 cents per share for the quarter ended January 1, beating estimates of 71 cents per share.
Revenue plunged 19% year-over-year to $2.99 billion, but topped expectations of $2.94 billion for the latest quarter.
Hard disk drive sales for the client compute segment, which makes storage units for PCs, dropped to 25.3 million units for the quarter, compared with 35.7 million for the same period in fiscal 2015.
So far today 7.98 million shares of Seagate have been traded, compared with its average daily volume of 4.84 million shares.
Separately, Seagate has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's notable return on equity, good cash flow from operations, deteriorating net income, poor profit margins and generally higher debt management risk.
You can view the full analysis from the report here: STX
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