Seagate misses fiscal Q2 targets with $3.53B in revenue, $1.32 EPS

UPDATED: Wall Street wanted Seagate to deliver earnings of $1.38 per share on a revenue of $3.56 billion.

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Seagate reported fiscal second quarter earnings immediately after the bell on Monday, but it wasn't the greatest way to start the week.

The storage giant churned a net income of $428 million, or $1.24 per share (statement). Non-GAAP earnings were $1.32 per share on a revenue of $3.53 billion.

Wall Street wanted Seagate to deliver earnings of $1.38 per share on a revenue of $3.56 billion.

CEO Steve Luczo downplayed the missed targets in the report, remarking "Seagate’s results in the December quarter reflect discipline in managing the profitability of our business and strong operational execution."

He also pointed toward future focus on "cloud, mobile and open source storage trends that are being fueled by data growth."

For the current quarter, Wall Street expects Seagate to return with revenue around $3.46 billion and non-GAAP earnings of $1.34 per share.

Seagate will be following up with fiscal third quarter guidance during the conference call, scheduled for 2:00PM PST/5:00 EST.

UPDATE: Seagate offered revenue guidance of $3.4 billion with earnings flat sequentially.

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