Seagate Rallies On Robust Second-quarter Earnings

By Sue ChangMarketsMarketWatch Pulse

Shares of Seagate Technology PLC rallied in Tuesday's extended session after the hard-drive maker posted better-than-expected earnings. Seagate reported its fiscal second-quarter earnings nearly doubled to $297 million, or $1 a share, from $165 million, or 55 cents a share, a year earlier. On an adjusted basis, Seagate would have earned $1.38 a share. Revenue slipped to $2.89 billion versus $2.99 billion. Analysts surveyed by FactSet had forecast the company to earn $1.08 a share on revenue of $2.83 billion. Seagate shares were up 4.2% after hours.

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