Updated from 4:36 p.m. EDT

Seagate Technology ( STX) said fiscal first-quarter net income soared five times higher than the year-ago's level, driven by robust growth in the notebook and consumer electronics markets.

But the company failed to deliver first-quarter sales in line with Wall Street estimates and projected December quarter results that fell short of analysts' expectations.

The Scotts Valley, Calif.-based hard-drive maker reported first-quarter net income of $272 million , or 54 cents a share, on sales of $2.09 billion, compared with net income of $54 million, or 11 cents a share, on sales of $1.56 billion in the year-ago quarter.

The results for this year include $16 million in stock-based compensation expense and $4 million in restructuring charges.

The earnings number matched analysts' estimates gathered by Thomson First Call, but sales fell short of the $2.2 billion consensus estimate.

For the December quarter, Seagate expects to report revenue ranging from $2.1 billion to $2.2 billion and diluted earnings per share, excluding expenses associated with noncash stock-based compensation, in the range of 48 cents to 52 cents.

With stock-based compensation expected to be approximately $21 million or $0.04 per share, Seagate expects GAAP earnings per share in the range of 44 cents to 48 cents.

Analysts had higher hopes for the December quarter, forecasting 56 cents a share on $2.29 billion in sales.

Seagate said it shipped 26.8 million disc drives in the quarter, a year-over-year increase of 24% but decline of 2% from the prior quarter.

Seagate shipped 3.9 million drives into consumer electronics applications, an increase of 34% from a year ago but decline of 37% from the prior quarter. Shipments into digital video-recorder applications climbed more than 100% from a year ago.

Mobile shipments increased 256% from a year ago and 19% from the prior quarter to 2.4 million units.

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