Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,877.75
    +1,772.53 (+2.56%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +42.10 (+1.90%)
     
  • Crude Oil

    83.11
    +1.76 (+2.16%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Seagate 2Q earns, revenue drop worse than forecast

Seagate Technology 2nd-quarter drop in earnings, revenue worse than forecast

CUPERTINO, Calif. (AP) -- Hard-drive maker Seagate Technology PLC on Monday reported a 13 percent drop in second-quarter net income, worse than expected, as a decline in revenue was also below forecasts.

Net income in the three months through Dec. 27 fell to $428 million, or $1.24 per share, down from $492 million, $1.30 per share, a year earlier.

Excluding certain items, like amortization and restructuring charges, earnings came to $1.32, below the $1.39 per share expected by analysts polled by FactSet.

Revenue dropped 4 percent to $3.53 billion, also below the $3.56 billion expected.

CEO Steve Luczo said in a statement the company continues to invest in products and manufacturing capabilities that take advantage of the growth in cloud storage and the use of mobile devices.

Seagate shares fell $3.83, or 6.6 percent, to $54.22 in after-hours trading following the release of results. Shares had already fallen 52 cents to $58.05 in the regular session.