Video: Seagate eyes hard drive future where others failed
Seagate on Monday reported second quarter earnings and revenue that beat market expectations.
The hard-disk drive storage provider reported Q2 net income of $159 million, or 55 cents a share, on revenue of $2.9 billion. Non-GAAP earnings for the quarter were $1.48 a share.
Wall Street was expecting Seagate to report non-GAAP earnings of $1.35 a share on revenue of $2.86 billion.
Seagate CEO Dave Mosley said the company is in a "strong position to support ever-increasing storage demand from diverse markets and applications," noting that Seagate's storage portfolio performed well during the December quarter.
Seagate said Q2 revenue for its hard-disk drive (HDD) portfolio was $2.7 billion, up from $2.4 billion the previous quarter. The bulk of HDD sales went to OEMs. Revenue from Seagate's enterprise systems, flash, and other category was $213 million.
Former Seagate CEO Steve Luczo became executive chairman in October and was replaced by Mosley, who was serving as chief operating officer. The leadership transition came after rocky fourth quarter results that Seagate attributed to an inventory glut in high-capacity drives and increased price competition among storage vendors.