Why Seagate Stock Was Soaring This Week
On the back of an improvement in tech stocks generally and better-than-expected quarterly results, Seagate Technology (NASDAQ: STX) was recording double-digit increases in share price this week. According to data compiled by S&P Global Market Intelligence, the veteran storage company's share price was up by more than 16% week to date as of Friday before market open.
The previous day, Seagate unveiled the figures for its second quarter of fiscal 2023. These showed that the company earned revenue of $1.89 billion, which was well down from the $3.12 billion in the same quarter the previous year. Yet the tally beat the $1.83 average analyst estimate.
As for the bottom line, Seagate's non-GAAP (adjusted) net income shrank even more dramatically, to $34 million ($0.16) from the year-ago profit of $543 million. Again, though, this represented a beat, and a convincing one at that -- prognosticators tracking the stock were collectively modeling $0.10 per share.
Source Fool.com
