Seagate (STX) Surges on Rival WDC's Strong Results
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Seagate Technology PLC (NYSE: STX) is rocking higher early Thursday on the back of stellar results from rival Western Digital Corp. (NYSE: WDC).
WDC embarrassed analysts by reporting fourth quarter EPS of $3.35, $0.88 better than the analyst estimate of $2.47. Revenue for the quarter came in at $4.75 billion versus the consensus estimate of $4.25 billion. The company also said it sees Q1 sales $4.2-$4.3 billion and adj-EPS $2.45-$2.55. The Street is looking for quarterly sales of $4.45 billion and EPS of $2.50.
Seagate Technology reports its own quarterly results on July 30, after the market closes. On July 5th the company gave investors a sneak peek into results. It sees record revenue of approximately $4.5 billion and non-GAAP gross margin of 33.6%.
STX is up 14 percent to $29.98, while WDC is up 23 percent to $39.92.
WDC embarrassed analysts by reporting fourth quarter EPS of $3.35, $0.88 better than the analyst estimate of $2.47. Revenue for the quarter came in at $4.75 billion versus the consensus estimate of $4.25 billion. The company also said it sees Q1 sales $4.2-$4.3 billion and adj-EPS $2.45-$2.55. The Street is looking for quarterly sales of $4.45 billion and EPS of $2.50.
Seagate Technology reports its own quarterly results on July 30, after the market closes. On July 5th the company gave investors a sneak peek into results. It sees record revenue of approximately $4.5 billion and non-GAAP gross margin of 33.6%.
STX is up 14 percent to $29.98, while WDC is up 23 percent to $39.92.
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