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Seagate (STX) Stock Gains on Q4 Earnings, Revenue Beat

NEW YORK (TheStreet) -- Shares of Seagate Technology (STX) are rising 2.37% to $33.20 in pre-market trading as the electronic data storage producer posted better-than-expected fourth quarter results before today's market open.

Seagate reported earnings of 69 cents per share, surpassing analysts' expectations of 60 cents per share. Revenue came in at $2.65 billion, exceeding analysts' projected $2.64 billion.

Last year, the company posted earnings of 77 cents per share on revenue of $2.93 billion.

Seagate said its increase in revenue stemmed from growing demand for its enterprise HDD portfolio.

"The evolution of mobile and cloud data driven environments continues to define itself as requiring...