Seagate Technology (STX) Beats Q1 Earnings & Revenues

Seagate Technology Plc (STX – Free Report) is one of the largest manufacturers of hard disk drives (HDD) which caters to the needs of individual and small businesses.

However, for the past few years the company is focusing on the larger enterprise segment, where technology upgrades and cloud-related investments are on the rise. Moreover, Seagate’s cloud-based applications have generated ample customer interest.

Recent estimates for Seagate have moved downward, pushing down the Zacks Consensus Estimate as well. However, the company has a history when it comes to recent earnings reports as the stock has beaten estimates in three of the trailing four quarters.

Currently, Seagate has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

However, the Zacks Rank could definitely change following the company’s first-quarter fiscal 2018 report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Seagate reported non-GAAP earnings of 96 cents per share, which beat the Zacks Consensus Estimate by a dime.

Revenues: Seagate posted revenues of $2.60 billion, which beat the Zacks Consensus Estimate of $2.53 billion.

Key Stats: Seagate reported non-GAAP gross margin of 29% in the quarter.

Stock Price:Shares are up almost 6% in the pre-market session.

Seagate Technology PLC Price