Why Seagate Technology Shares Are Trading Higher Today?

Seagate Technology STX shares are trading higher after the company reported better-than-expected 2023 Q2 results.

Seagate reported quarterly earnings of $0.16 per share, versus the analyst consensus estimate of $0.10. This is a 93.36 percent decrease over earnings of $2.41 per share from the same period last year. The company reported quarterly sales of $1.89 billion, versus the analyst consensus estimate of $1.83 billion. This is a 39.35 percent decrease over sales of $3.12 billion the same period last year.

The company expects third-quarter revenues to be between $1.85 to $2.15 billion, versus the $1.86 billion analyst consensus estimate and adjusted earnings per share is expected to be between $0.05 to $0.45, versus the $0.29 estimate.

"In the December quarter, we delivered revenue and non-GAAP EPS slightly above our guidance midpoint and extended a decade-long trend of generating positive free cash flow," said Dave Mosley, Seagate's CEO.

STX Price Action: Seagate Technology has a 52-week high of $117.0299 and a 52-week low of $47.47.

Seagate Technology shares are up 12.3% at $69.92 at time of publication, according to Benzinga Pro.