Seagate Gets Used To Losses (STX, WDC)
Seagate Technology (Nasdaq: STX) posted its fiscal third quarter earnings, with non-GAAP EPS coming in at -$0.56 EPS on $2.15 billion in revenues. Estimates from Thomson Reuters were -$0.45 EPS on $2.01 billion for the quarter. This will likely set…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
The leader in storage and drive devices now sees a return to profitability within its Fiscal-2010. We show that it ended the quarter with roughly $1.5 billion in cash and short-term liquidity investments.
The storage and disk drive leader also issued guidance at -$0.47 to -$0.37 non-GAAP EPS and put revenues at $1.9 to $2.2 billion. Thomson Reuters had those estimates at -$0.30 EPS and $1.98 billion in revenues.
Shares closed up over 3% at $6.67 and its 52-week trading range is $2.98 to $22.78. The initial trading has Seagate up marginally in after-hours trading.
Western Digital Corp. (NYSE: WDC) closed up over 2% at $21.68 and it reports earnings in two-days. We have not seen much activity there in the after-hours session. The difference between these two today is that Western Digital is still expected to remain profitable.
JON C. OGG
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
