Why Seagate Technology Stock Tanked Today
Shares of Seagate Technology (NASDAQ: STX) have tanked today, down by 10% as of 12:05 p.m. EDT, after the company reported fiscal fourth-quarter earnings. The results missed expectations and guidance was underwhelming.
Revenue in the fiscal fourth quarter was $2.52 billion, shy of the $2.62 billion in sales that analysts were expecting. That resulted in adjusted earnings per share of $1.20, missing the consensus estimate of $1.23 per share in adjusted profits. The computing storage tech company blamed the shortfall on the coronavirus pandemic.
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Source Fool.com
