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Seagate Technology (STX) Stock Plunges on Q3 Earnings Miss

NEW YORK (TheStreet) -- Seagate Technology (STX - Get Report) stock fell 15.20% to $22.81 on heavy trading volume on Friday morning after the data storage manufacturer delivered disappointing earnings for the fiscal 2016 third quarter.

Before the opening bell, the Dublin-based company reported non-GAAP earnings of 22 cents per share for the three months ended April 1, missing estimates of 37 cents per share.

Revenue of $2.6 billion was in line with estimates because the company pre-announced quarterly revenue earlier this month.