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ECONOMY

Seagate posts 2Q profit, results miss Wall Street forecasts; shares fall

Associated Press
Published | Updated

DUBLIN – Seagate Technology PLC on Monday reported second-quarter results and a third-quarter revenue forecast that missed Wall Street expectations.

The electronic storage maker's shares fell more than 9 percent in afternoon trading Monday.

Seagate reported second-quarter net income of $933 million, or $2.78 per share, compared with $428 million, or $1.24 per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, came to $1.35 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.

The Dublin-based company said revenue rose 4.8 percent to $3.7 billion in the period. Analysts expected $3.72 billion, according to Zacks.

In a conference call with analysts, CEO Stephen Luczo said the company expects revenue of at least $3.45 billion in the third quarter. Analysts expected revenue of $3.59 billion, according to FactSet.

Seagate shares fell $5.90 to $58.08 in afternoon trading Monday.

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Parts of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on STX at http://www.zacks.com/ap/STX

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Keywords: Seagate, Earnings Report