Seagate Technology PLC Stock Dips Despite Earnings Beat

STX isn't saying much about its Ripple investment

Seagate Technology PLC (NASDAQ:STX) stock was down today despite it reporting an earnings beat for its fiscal second quarter of 2018.

Seagate Technology PLC Stock Dips Despite Earnings Beat
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Seagate Technology PLC reported earnings per share of $1.48 for its fiscal second quarter of the year. This is an increase over its earnings per share of $1.38 from the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of $1.35 for the quarter.

Net income reported by Seagate Technology PLC in its fiscal second quarter of 2018 came to $159 million. This is down from the data storage company’s net income of $297 million that was reported in its fiscal second quarter of 2017.

Seagate Technology PLC’s operating income for its fiscal second quarter of 2018 was $433 million. This is up from its operating income of $370 million that was reported in the same quarter of the previous year.

During its fiscal second quarter of the year, Seagate Technology PLC reported revenue of $2.91 billion. The company’s revenue from the same time last year was $2.89 billion. Analysts were expecting revenue of $2.86 billion for the fiscal second quarter of 2018.

Seagate Technology PLC also announced a quarterly dividend of 63 cents per share for holders of STX stock. The dividend will be payable on April 4, 2018 to shareholders on record as of March 21, 2018.

It’s possible that STX stock is being dragged down today due to a lack of information about the company’s investments. Seagate Technology PLC has a stake in Ripple Labs Inc., the maker of the Ripple cryptocurrency. However, it didn’t provide many details about this in its most recent earnings report.

STX stock was down slightly as of noon Monday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/01/seagate-technology-plc-stock-down-despite-earnings-beat/.

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