Mixed bag for Seagate's Q3 earnings; declares dividend

The hard drive maker hit on earnings, but missed slightly on revenue.

Seagate reported a mixed bag of third-quarter earnings before the bell Friday.

The hard drive maker reported earnings of $291 million, or 88 cents per share. Revenue landed at about $3.3 billion, down by 2 percent year-over-year (statement).

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Non-GAAP earnings were $1.08 cents per share.

Wall Street was expecting $1.04 per share on revenue on $3.4 billion.

It's a hit on earnings, but a slight miss on revenue.

Seagate chief executive Steve Luzco said in light of a rough market this quarter, he was "quite satisfied" with the company's performance. But things on the near horizon look sketchy.

He added in his prepared remarks: "Near-term macro uncertainty is affecting certain areas of our addressable market however we remain optimistic that market demand for exabytes of storage will continue to increase over the long-term. Looking ahead, we are focused on aligning our storage technology portfolio effectively to capitalize on market growth opportunities, demonstrating operating profitability and returning value to shareholders."

Seagate had $2.6 billion in cash and equivalents, up about 15 percent year-over-year. The company also issued a dividend of 54 cents per share, payable May 15.

The hard drive maker was down slightly in pre-market trading.