on Tuesday raised its second-quarter revenue and profit forecasts, citing new products and stronger-than-expected demand from personal-computer builders.
Shares of the maker of hard drives for storage products recently spiked $1.75, or 10.6%, to $18.21 in after-hours trading.
Scotts Valley, Calif.-based Seagate said in a statement that its profit in the quarter ending Dec. 31 would be at least 22 cents a share on $1.76 billion in revenue, excluding any restructuring charges. That's better than Wall Street's consensus estimate of EPS of 13 cents and revenue of $1.64 billion for the current quarter, according to Thomson First Call.
Seagate said markets for enterprise, mobile computing and consumer electronics are behaving as expected, while the market for desktop computer storage products should be slightly higher than the 50 million to 51 million units the company forecast Oct. 19.
Seagate shares closed the regular session down 54 cents, or 3%, to $16.46.