Seagate (STX) Q2 Earnings Beat Estimates, Revenues Miss
Zacks Investment Research | Feb 04, 2019 08:08PM ET
Seagate Technology PLC (NASDAQ:STX) delivered mixed fiscal second-quarter 2019 results. Non-GAAP earnings per share came in at $1.41 per share, surpassing the Zacks Consensus Estimate of $1.27 per share. However, the figure decreased 4.7% from the year-ago period and 17.1% sequentially.
Revenues of $2.715 billion marginally missed the Zacks Consensus Estimate of $2.739 billion. Further, the figure declined 6.9% from the year-ago quarter and 9.3% sequentially.
Both the top and bottom line witnessed year-over-year decline, owing to unfavorable product portfolio mix and decline in the overall sales of nearline volumes. Notably, exabyte shipments during the reported quarter decreased 4% year over year.
Shares of Seagate fell more than 5% in after-hours trading, on account of second quarter results and near-term headwinds.
Seagate Technology PLC Revenue (TTM)
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