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Seagate tops revenue and profit forecasts in June quarter
Fiscal fourth-quarter revenue rose to $3.6 billion, up 48% year over year, and the stock moved higher after hours.
Seagate Technology’s shares moved higher in after-hours trading Tuesday after the company reported fiscal fourth-quarter results that beat Wall Street expectations, a read-through for demand in data storage tied to AI infrastructure, according to MarketWatch.
The data storage maker posted fiscal fourth-quarter revenue of $3.6 billion for the June quarter, up 48% from a year earlier, and above the FactSet consensus of $3.5 billion.
Seagate also reported adjusted earnings of $5.71 per share for the June quarter, topping expectations for $5.10, MarketWatch reported.