Seagate Q2 Net Beats Expectations; Dividend Raised

Seagate Technology (NASDAQ: STX  ) today reported a drop in quarterly earnings. According to GAAP standards, Q2 2013's net fell to $492 million ($1.30 per diluted share), but that was higher than the average analyst expectation of $1.27. Revenue came in at $3.7 billion.

The same figures for Q2 2012 were $563 million ($1.28 diluted EPS) on the bottom line on $3.2 billion in revenue.

Much of the year-over-year decline in the bottom line was due to costs related to a pair of acquisitions the company made during the quarter. It booked a non-cash $37 million expense for the purchases.

The company also announced a partnership with data storage equipment start-up Virident Systems, under which Seagate will invest $40 million in the young company.

Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2220355, ~/Articles/ArticleHandler.aspx, 4/23/2014 2:00:42 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.