Seagate Technology Earnings: STX Stock Surges on Q2 Profit, Sales Beat

Seagate Technology earnings (NASDAQ:STX) were unveiled late in the day on Monday and the company impressed with its latest quarter as its earnings and revenue both came in ahead of what Wall Street was calling for in its consensus estimate, helping STX stock surge after hours.

Seagate Technology EarningsSeagate Technology Earnings Source: Seagate

The Cupertino, Calif.-based data storage company said that for its second quarter of its fiscal 2019, the company brought in net income of $384 million, a 141.5% gain from the $159 million it amassed during the year-ago quarter. On a per-share basis, the company earned $1.34 per share, a 143.6% surge year-over-year.

On an adjusted basis, Seagate Technology earned $1.41 per share, which was stronger than the $1.27 per share that the Wall Street consensus estimate called for, according to data compiled by FactSet. The company added that its revenue tallied up to $2.72 billion, falling 6.5% compared to the year-ago quarter.

Analysts were calling for the company to post revenue of roughly $2.71 billion, according to data compiled by a FactSet survey. “While there are market and geo-political uncertainties impacting the storage industry, our belief in the long-term growth of data creation and storage demand remains unchanged,” said Dave Mosley, Seagate CEO, in a statement.

STX stock was up roughly 3.1% after the bell on Monday after the company reported its quarterly earnings results for its most recent period, which came in ahead of what analysts were calling for in their consensus estimate. Shares had been increasing close to 0.7% during regular trading hours in anticipation of the company’s quarterly results.

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