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This story has been updated with Seagate's third-quarter guidance and its latest share price.

NEW YORK (TheStreet) -- Seagate (STX) - Get Seagate Technology Holdings PLC Report missed Wall Street's top and bottom-line estimates in its fiscal second-quarter results, released after market close on Monday, sending its shares slumping.

The hard drive maker posted revenue of $3.53 billion, down from $3.67 billion in the prior year's quarter. Wall Street was expecting sales of $3.56 billion.

Excluding items, Seagate earned $1.32 a share on net income of $455 million, down from $1.38 a share and net income of $523 million in the same period last year. Analysts surveyed by Thomson Reuters were looking for earnings of $1.38 a share.

Investors were underwhelmed by the numbers, pushing Seagate's shares down 6.29% to $54.40 in extended trading.

Seagate's gross margin was 28% and it generated approximately $856 million in operating cash flow during the quarter.

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"Our cash flow was very strong this quarter, and combined with the execution of our capital allocation strategy, we are on track to meet our goal of returning 70% of our operating cash flow to shareholders this fiscal year," said Seagate CEO Steve Luczo, in a statement.

For the third quarter, Seagate expects revenue of at least $3.4 billion. Analysts surveyed by Thomson Reuters had forecast sales of $3.46 billion. The hard drive maker also said that its gross margin will be relatively flat compared to the second quarter.

Seagate missed Wall Street's estimates in its first-quarter results.

--Written by James Rogers in New York

Follow @jamesjrogers

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