0
Seagate Technology Slight Revenue Decline Posts

   STX Seagate Technology PLC -2.97% shares fell in late trading after the company presented data storage slight drop in revenues for its fourth fiscal quarter.

The stock fell 3.85% to $ 57.21.

Revenue fell $ 3.3 billion dollars 3,425 million for the quarter ended June 27, earnings fell to $ 320 million of 348 million U.S. dollars, but on a per share basis, net income rose to 95 cents 94 cents as there were fewer shares outstanding.

Excluding special items, earnings per share were $ 1.10 compared with $ 1.20 a year ago. Analysts polled by Thomson Reuters expected earnings of $ 1.10 per share and revenue of $ 3,330 million.

Seagate, the largest hard drive manufacturer, has tried to adapt to the continuing decline in demand for personal computers through diversification to reach users of tablets and smartphones.

The company's products are also used in data centers that store the files to cloud-based services. Related to the cloud Seagate movements included the launch of Kinetic Open Storage platform.

Seagate bought data storage company Xyratex Ltd. in March for about $ 374 million to expand its business in data storage systems company. Seagate said it too would add between $ 500 million and $ 600 million of revenue in its fiscal year 2015 Seagate said in May that it would buy companies flash LSI for $ 450 million from Avago Technologies Ltd. , which bought LSI Corp earlier this month.

"During fiscal year 2014, Seagate delivered strong financial and operational performance," the company said. Seagate said dynamic changing market "continue to create more opportunities" for the company.

Post a Comment

 
Top