Good financial results for seagate in its fourth quarter

Seagate announced Monday that its chief financial officer David Morton was resigning to take up a new position at another company. The executive's departure was reported along with Seagate's fourth quarter financial results, which exceeded market expectations.

Seagate numbers improve in its fourth quarter (April to June 2018)

The famous storage unit provider reported fourth-quarter net income of $ 461 million, or $ 1.57 per share, on revenue of $ 2.8 billion. Unaudited GAAP earnings for the quarter were $ 1.62 per share.

Wall Street expected Seagate to report unaudited GAAP earnings of $ 1.45 per share on revenue of $ 2.8 billion, so things were better than they had anticipated. The shares rose more than four percent in premarket trading.

Seagate said fourth-quarter revenue for its catalog of hard disk drives (HDDs) was $ 2.65 billion, up from $ 2.2 billion the year before. Most of the hard drive sales went to OEMs. Revenue from the company's business, flash, and other categories of the manufacturer totaled $ 183 million.

Seagate seems to be having a good time, its unit sales seem to be selling at a good pace, and that is reflected in its ever-improving financial results.

"We achieved our third consecutive quarter of revenue growth year-over-year and exceeded our expectations for financial performance for both the June quarter and this fiscal year, " said Dave Mosley, CEO of Seagate, with joy.

Techpowerup font