WASHINGTON (dpa-AFX) - Seagate Technology Holdings plc (STX), a data storage solutions provider announced a surge in net income for the first quarter of fiscal 2027, driven by higher revenue. Further the company provided its outlook for the second quarter based on current expectations.
In overnight activity the shares were trading 5.20 percent lower at $633.10 after closing Tuesday's trading 3.67 percent higher on the Nasdaq.
Looking ahead for the second quarter, the company expects revenue of $4.8 billion, plus or minus $100 million, and adjusted earnings per share of $9.20, plus or minus $0.20
For the first quarter of fiscal 2027, the company reported net income of $1.76 billion $7.59 per share, compared with $549 million or $2.43 per share in the year-ago quarter.
Excluding items, earnings were $1.78 billion or $7.68 per share, compared with $583 million or $2.61per share in the prior-year quarter.
Income from operations jumped to $2.06 billion from $694 million in the previous quarter.
Revenue increased to $4.23 billion from $2.63 billion a year earlier.
'Data creation, retention and reuse continue to compound storage demand with long term customer demand visibility reinforcing our view of a multi-year growth phase,' CEO Dave Mosley said in a statement.
Separately, the company's board declared a quarterly cash dividend of $0.76 per share, an increase of approximately 3 percent. The dividend is payable on January 7, 2027, to shareholders of record as of December 23, 2026.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
