NEW YORK (TheStreet) -- Seagate Technology (STX) - Get Report stock is gaining 2.05% to $52.34 in early morning trading on Friday after the company released its earnings results that surpassed estimates for the 2015 fourth quarter and the 2015 fiscal year.
The company posted earnings of 77 cents per share on revenue of $2.93 billion for the three months ended July 3.
Seagate Technology was expected to report earnings of 64 cents per share on $2.92 billion in revenue for the quarter, according to analysts surveyed by Thomson Reuters.
Last year, the company reported earnings of $1.10 per share on revenue of $3.3 billion for the fiscal fourth quarter.
The company's growth is expected to be driven by cloud products, data analytics and hyperscale deployments, CEO Steve Luczo said in a statement.
Additionally, Seagate Technology reported earnings of $4.57 per share on revenue of $13.74 billion for the fiscal year ended July 3.
The company was expected to post earnings of $4.41 per share on $13.73 billion in revenue for fiscal 2015.
Separately, TheStreet Ratings team rates SEAGATE TECHNOLOGY PLC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEAGATE TECHNOLOGY PLC (STX) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its respectable return on equity which we feel is likely to continue. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."
You can view the full analysis from the report here: STX Ratings Report