JPMorgan Downgrades Seagate Technology (STX) to Underweight

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Go back to JPMorgan Downgrades Seagate Technology (STX) to Underweight

Seagate Technology Reports Fiscal Third Quarter 2016 Financial Results

April 29, 2016 8:01 AM EDT

CUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ: STX) (the Company or Seagate) today reported financial results for the third quarter of fiscal year 2016 ended April 1, 2016. For the third quarter, the Company reported revenue of approximately $2.6 billion, gross margin of 20.2%, net loss of $21 million and diluted loss per share of $0.07. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 22.7%, net income of $66 million and diluted earnings per share of $0.22. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial tables.

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