Tags: Seagate Revenue up 8.5 Pct on Demand for PC | Cloud Products

Seagate Profit, Revenue Beat Street on PC, Cloud Demand

Monday, 27 Oct 2014 09:00 AM

Hard-disk drive maker Seagate Technology Plc's quarterly profit and revenue beat the average analyst estimate as demand increased for its personal computer and cloud storage products.

Seagate shares were up 1.8 percent in premarket trading.

The company gets about two-thirds of its revenue from original equipment manufacturer customers, including PC makers.

Research firm IDC estimated earlier this month that worldwide PC shipments had fallen 1.7 percent in the quarter ended September — less than what analysts had feared, offset by a 4.3 percent growth in the United States.

More businesses in the United States and Europe upgraded computers or bought new machines in the quarter.

Net income attributable to Seagate fell to $381 million, or $1.13 per share, for the first quarter ended Oct. 3, from $427 million, or $1.16 per share, a year earlier.

Excluding items, the company earned $1.34 per share.

Revenue jumped 8.5 percent to $3.79 billion.

Analysts on average had expected earnings of $1.24 per share on revenue of $3.63 billion, according to Thomson Reuters I/B/E/S.

© 2017 Thomson/Reuters. All rights reserved.

   
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Hard-disk drive maker Seagate Technology Plc's quarterly profit and revenue beat the average analyst estimate as demand increased for its personal computer and cloud storage products.
Seagate Revenue up 8.5 Pct on Demand for PC, Cloud Products
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2014-00-27
Monday, 27 Oct 2014 09:00 AM
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