Why Seagate Technology (STX) Stock Is Dropping In After-Hours Trading

NEW YORK (TheStreet) -- Shares of Seagate Technology Plc (STX) are down -3.03% to $59.50 after it reported fiscal fourth quarter profit of $320 million, down from $348 million in the same period a year ago.

Adjusted earnings for the quarter were $370 million, or $1.10 per share, which was in line with the consensus estimate of analysts surveyed by Reuters.

Revenues decreased to $3.3 billion from $3.4 billion last year, while analysts had expected the company to report revenues of $3.33 billion.

Must Read: Warren Buffett's 25 Favorite Growth Stocks

Separately, TheStreet Ratings team rates SEAGATE TECHNOLOGY PLC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate SEAGATE TECHNOLOGY PLC (STX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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