Seagate fiscal Q2 earnings soar despite hard drive shortage worries

Summary:Seagate shipped over 47 million disk drives while managing to post solid earnings despite worries about the global hard drive shortage looming.

Despite the hard drive shortage in Thailand, Seagate managed to pull ahead of Wall Street expectations.

Seagate reported a second fiscal quarter net income of $563 million, or $1.28 a share (statement). Non-GAAP earnings were $1.32 a share on a revenue of $3.2 billion.

Wall Street was expecting Seagate to report second fiscal quarter earnings of $1.06 a share on revenue of $3.14 billion.

Seagate also shipped 47 million disk drives during the last quarter.

In November, Seagate upped its sales outlook for the December quarter to 43 million units shipped with revenue of $2.8 billion. However, some experts believe that the hard drive shortage is going to have a wider effect upon manufacturers and partners in early 2012.

For the outlook, Seagate is predicting a revenue of $3.75 billion excluding Samsung. Wall Street is expecting revenue to reach $3.32 billion.

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Topics: Banking, E-Commerce, Enterprise Software

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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