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Seagate Technology (STX) Misses Q4 Earnings & Revenues

Seagate Technology Plc STX is one of the largest manufacturers of hard disk drives (HDD) which caters to the needs of individual and small businesses.

However, for the past few years the company is focusing on the larger enterprise segment, where technology upgrades and cloud-related investments are on the rise. Moreover, Seagate’s cloud-based applications have generated ample customer interest.

Recent estimates for Seagate have moved downward, pushing down the Zacks Consensus Estimate as well. However, the company have a history when it comes to recent earnings reports as the stock has beaten estimates in all of the trailing four quarters.

Currently, Seagate has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
 

However, the Zacks Rank could definitely change following the company’s fourth-quarter fiscal 2017 report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Seagate reported non-GAAP earnings of 65 cents per share, which missed the Zacks Consensus Estimate of 99 cents.

Revenues: Seagate posted revenues of almost $2.41 billion, which also missed the Zacks Consensus Estimate of $2.55 billion.

Key Stats: Seagate reported gross margin of 28.9% in the quarter.
 
Stock Price:  Shares are down almost 17.4% in the pre-market session.


Check back later for our full write up on this STX earnings report later!

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