Seagate reported mixed third quarter financial results on Tuesday as it saw revenue and earnings decline from the previous year. The hard-disk drive storage provider reported Q3 net income of $195 million, or 69 cents per share, on revenue of $2.31 billion. Non-GAAP earnings for the quarter were 83 cents a share. A year ago, Seagate reported Q3 revenue of $2.80 billion.
Wall Street was expecting Seagate to report non-GAAP earnings of 71 cents per a share on revenue of $2.32 billion. Shares of Seagate were down pre-market but rebounded in early trading.
Seagate said Q3 revenue for its hard-disk drive (HDD) portfolio was $2.12 billion, down from $2.59 billion the previous year. The bulk of HDD sales went to OEMs. Revenue from Seagate's enterprise systems, flash, and other category was $189 million.
"Seagate executed very well in the third quarter while navigating near-term demand head-winds," said Seagate CEO Dave Mosley. "Our focus on operational efficiency and expense discipline drove better-than-expected EPS and free cash flow generation."
Looking ahead, analysts expect Seagate to report fourth quarter earnings of 79 cents per share on revenue of $2.32 billion. Seagate responded with revenue guidance of $2.32 billion and adjusted EPS of 83 cents.