Seagate Shreds Wall Street's Profit View (Update 1)

Updated from 5:09 p.m. ET to add Seagate's guidance and latest share price.

CUPERTINO, Calif. ( TheStreet) -- Seagate ( STX) shredded Wall Street's earnings forecast in its second-quarter results, released after market close on Tuesday, with the company's revenue also topping expectations.

Excluding items, Seagate earned $1.32 per share on net income of $581 million, down from $1.67 per share and net income of $727 million in the same period last year. Wall Street had forecast earnings of $1.08 a share.
Seagate reported its second-quarter results after market close on Tuesday.

The hard drive specialist brought in sales of $3.2 billion, up from $2.7 billion in the prior year's quarter. Analysts were looking for sales of $3.15 billion.

The Fujitsu and Western Digital ( WDC) rival shipped 47 million hard drives during its fiscal second quarter, according to the company's press release.

For the coming quarter, Seagate projected revenue of $4.3 billion, broadly in line with analysts' estimate of $4.34 billion. The company expects to ship 60 million hard drives during the quarter.

Shares of Seagate, which recently hit a new 52-week high, surged $1.16, or 5.49%, to $22.30 in extended trading.

-- Written by James Rogers in New York.

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