Seagate Q3: 50.8 exabytes shipped

Summary:Storage player Seagate saw average selling prices jump and that propelled earnings above expectations. Revenue was light in the fiscal third quarter.

Seagate's third quarter earnings were better-than-expected as the average selling prices improved, but revenue was light and down from a year ago.

The company reported third quarter earnings of $395 million, or $1.17 a share, on revenue of $3.4 billion, down from $3.53 billion a year ago. Non-GAAP earnings for the quarter were $1.34 a share.

Wall Street was expecting Seagate to report non-GAAP earnings of $1.25 a share on revenue of $3.42 billion.

Seagate CEO Steve Luczo said the company executed well in a shifting market.

The win for Seagate's quarter was average selling prices of $73, which was the highest in recent memory. Gross margins in the third quarter were 37 percent, well ahead of 33 percent a quarter ago.

Overall, storage shipments were up 8 percent from a year ago to 50.8 exabytes.

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Topics: Storage

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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