Needham & Company Upgrades Seagate Technology (STX) to Strong Buy

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Go back to Needham & Company Upgrades Seagate Technology (STX) to Strong Buy

Seagate Technology Announces Preliminary Financial Information for Fiscal First Quarter 2017

October 11, 2016 8:01 AM EDT

Company ships record exabyte capacity with average capacity per drive up 46% year-over-year

CUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (the Company) today announced selected preliminary financial information for its fiscal first quarter 2017, which ended on September 30, 2016. Seagate expects to report revenue of approximately $2.8 billion, and GAAP and non-GAAP gross margin of approximately 29%. The Company expects to report HDD exabyte shipments of approximately 67 exabytes, reflecting unit shipments of approximately 39 million and average capacity per drive of 1.7 terabytes.

These preliminary results compare to the Companys previous forecast for fiscal first quarter 2017 revenue of at least $2.7... More