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.
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. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org.
|Seagate reported its second-quarter results after market close on Tuesday.|