Is Seagate Technology Stock a Buy Now?
Share prices of Seagate Technology Holdings (NASDAQ: STX) tumbled 8% on July 22 after the hard-drive maker posted its fourth-quarter results. Its revenue declined 13% year over year to $2.63 billion, broadly missing analysts' estimates by $160 million. Its adjusted net income fell 24% to $355 million, or $1.59 per share, which also missed Wall Street's expectations, by $0.30.
In the first quarter, Seagate expects its revenue to decline anywhere from 15% to 25% year over year, and for its adjusted EPS to tumble from 32% to 49%. Analysts had only expected its revenue and earnings to decline by 4% and 6%, respectively. Those headline numbers were terrible, but could Seagate be turning into a value play after shedding nearly a third of its market value this year?
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Source Fool.com
