Seagate Technology PLC (NASDAQ:STX) stock was down on Tuesday following the release of its earnings report for its fiscal third quarter of 2018.
Seagate Technology PLC reported earnings per share of $1.46 for its fiscal third quarter of the year. This is better than its earnings per share of $1.10 from the same period of the year prior. It also comes in above Wall Street’s earnings per share estimate of $1.33 for the quarter.
During its fiscal third quarter of the year, Seagate Technology PLC reported net income of $381 million. The hard drive company’s net income reported in the first quarter of 2017 came in at $194 million.
Seagate Technology PLC also reported operating income of $441 million for its fiscal third quarter of 2018. STX’s operating income reported for the same time last year was $266 million.
Revenue reported by Seagate Technology PLC in its fiscal third quarter of the year settled in at $2.80 billion. This is an improvement over its revenue of $2.67 million reported in the same quarter of the previous year. It also beats out analysts’ revenue estimate of $2.75 billion for the period.
While Seagate Technology PLC did beat out Wall Street’s estimates for its fiscal third quarter of 2018, it wasn’t enough to keep STX stock from dropping today. This is due to the earnings report not being strong enough to impress investors and the high price STX stock was at when it released. As such, the stock is correcting to a lower price, reports The Motley Fool.
STX stock was down 7% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
