Categories: News

Seagate Posts First Quarter 2017 Financial Results

Seagate is one of the technology industry’s leading manufacturers and produces a huge range of storage solutions ranging from budget SATA drives all the way up to larger performance devices. The company’s latest financials have just been revealed for the first quarter of 2017, ending September 30th, 2016. Seagate recorded a revenue of $2.8 billion, gross margin of 28.6%, net income of $167 million and diluted earning per share of $0.55. When using the non-GAAP method, the company amassed a net income of $299 million, 29.5% gross margin and $0.99 diluted earnings per share. Seagate generated $592 million in operating cash flow during the first quarter and repurchased 3 million shares for $101 million. Not only that, short-term investments came to approximately $1.5 billion. Steve Luczo, Seagate’s chairman and chief executive officer commented on the results and said:

“In response to strong cloud storage customer demand, Seagate delivered record levels of exabyte shipments, and generated strong revenues, margin and cash flow in the September quarter. In addition, as a result of our operating expense management, the company’s non-GAAP earnings per share increased by 85% year over year,”

“As the demand for HDD storage continues to benefit from the shift to data driven cloud based architectures, Seagate is in a strong position to grow its businesses, improve margins and continue with its dividend and buyback capital allocation objectives.”

The Board of Directors approved a quarterly cash dividend of $0.63 per share which will be payable on January 4th, 2017. The financial results are pretty positive and it seems Seagate is responding to market trends well.

John Williamson

Disqus Comments Loading...

Recent Posts

HP to Acquire Gaming Peripheral Brand HyperX!

HyperX is undoubtedly one of the most recognizable and popular gaming peripheral brands around with…

16 hours ago

Sony Confirms Next-Gen PSVR Headset for PS5

Possibly against a lot of expectations, one of the biggest peripheral success stories ever seen…

16 hours ago

Cherry Unveils its New KC 4500 ERGO Keyboard

Cherry has today announced that the CHERRY KC 4500 ERGO ergonomic keyboard has just been…

16 hours ago

Days Gone is Coming to PC With Requirements Confirmed

Sony yesterday confirmed that another former PlayStation exclusive was coming to the PC. Yes, Days…

16 hours ago

Gran Turismo 7 is Officially Delayed Until 2022

The Gran Turismo series has, since the release of the original PlayStation, represented one of…

16 hours ago

be quiet! Launches its Dark Power 12 PSU Series

be quiet! has today introduced its new Dark Power 12 series. This high-end power supply…

22 hours ago