text: Seagate Technology Plc (NASDAQ:STX) Files An 8-K - Market Exclusive
  Home Other News Seagate Technology Plc (NASDAQ:STX) Files An 8-K
  Seagate Technology Plc (NASDAQ:STX) Files An 8-K
  Seagate Technology plc (NASDAQ:STX) today reported financial results for the first quarter of fiscal year 2017 ended September 30, 2016. For the first quarter, the Company reported revenue of $2.8 billion, gross margin of 28.6%, net income of $167 million and diluted earnings per share of $0.55. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 29.5%, net income of $299 million and diluted earnings per share of $0.99.
  "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," said Steve Luczo, Seagate's chairman and chief executive officer. "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." For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.