Seagate Q3: 50.8 exabytes shipped

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.