Seagate Technology Holdings Plc. (NASDAQ:STX) stock climbed after the company reported third-quarter results following Tuesday's closing bell, blowing past analyst estimates on the top and bottom lines.
Here's a look at the details inside the report.
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Seagate Q3 Details
Seagate reported quarterly earnings of $4.10 per share, which beat the Street estimate of $3.50 by 17.14%, according to Benzinga Pro data.
Quarterly revenue came in at $3.11 billion, which beat the analyst consensus estimate of $2.95 billion.
“Seagate delivered outstanding March quarter results, exceeding the high end of our revenue and EPS guidance, achieving record margin performance, and generating close to $1 billion in free cash flow,” said Dave Mosley, Seagate’s chair and CEO.
“We believe Seagate is entering a new era of structural growth as AI applications amplify data creation and support sustained storage demand. Our areal density-driven product strategy enables us to deliver higher-capacity, energy- and capital-efficient storage at scale,” Mosley added.
Outlook
Seagate is looking for fourth-quarter adjusted EPS of $4.80 to $5.20, versus the $3.94 analyst estimate, and fourth-quarter revenue in a range of $3.35 billion to $3.55 billion, versus the $3.14 billion estimate.
STX Stock Price: According to data from Benzinga Pro, Seagate stock was up 13.64% to $658 in Tuesday's extended trading.
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