Seagate's Stock Pulls Back Sharply After Revenue Miss Offsets Profit Beat

Shares of Seagate Technology PLC slumped 5.7% in premarket trade Wednesday, after the data storage company reported fiscal third-quarter revenue that missed expectations. The company swung to a profit of $194 million, or 65 cents a share, in the quarter to March 31, from a loss of $21 million, or 7 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.10, above the FactSet consensus of $1.07. Revenue increased to $2.67 billion from $2.60 billion, but was below the FactSet consensus of $2.71 billion. Cash flow from operations was $426 million, above the FactSet consensus of $340.6 million. The stock had soared 32% year to date to close Tuesday at the highest level since September 2015. The S&P 500 has gained 6.7% so far this year.