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Seagate missed financial targets for the second quarter

2014-03-21  |  Comebuy News

Seagate has presented its balance sheet (PDF) for the second fiscal quarter yesterday after the market close 2014 (until 27 December 2013). Therefore, the hard drive manufacturers scored a GAAP net income of $428 million, or $1.24 per share. In the same period of the previous year, there were 492 million dollars, or 1.30 dollars per share to beech.

Sales also deteriorated in the previous year. He sank $ 3,668 on 3,528 billion. Non-GAAP, Seagate reported a net profit of 455 million dollars or 1.32 dollars per share.

The result could not meet the expectations of Wall Street. Analysts had expected 1.38 dollars per share, on revenue of $3.56 billion. Accordingly, the stock eased significantly. She stood before the start of today's trading in New York against 12:45 BST with 6.43 percent in the negative at 54.32 dollars. The paper still at over $60 recorded last Thursday.

Seagate CEO Steve Luczo plays down the missed financial targets in a release however: Seagate's results "reflect the discipline when the rules of the profitability of our business and a good operational execution in the December quarter." In addition, he stressed the future focus on "Cloud, mobile and open source storage trends, driven by the growth of the data".

The Supervisory Board has approved a quarterly dividend of $0.43 per share. She will be awarded on February 24 to all investors who hold shares in the company to 10 February.

For the current quarter, Seagate forecast revenues of $3.4 billion in an approximately consistent with the first quarter profit. The Wall Street analysts expect revenue of $3.46 billion and a non-GAAP stock gain of 1.34 dollars.

[with material by Rachel King, ZDNet.com]

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