Seagate Technology Q1 Adj. Profit Declines; Stock Plunges

(RTTNews) - Seagate Technology plc (STX) reported first-quarter non-GAAP earnings per share was $1.03 compared to $1.76, previous year. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $1.01 for the quarter. Analysts' estimates typically exclude special items. Non-GAAP net income declined year-on-year to $278 million from $514 million.

First-quarter non-GAAP revenue declined to $2.58 billion from $2.99 billion, last year. Analysts expected revenue of $2.57 billion, for the quarter.

For the second quarter 2020, the company projects: revenue of $2.72 billion, plus or minus 5 percent; and non-GAAP earnings per share of $1.32, plus or minus 5 percent. Analysts expect the company to report profit per share of $1.32 on revenue of $2.7 billion.

The Board of Directors declared a quarterly dividend of $0.65 per share, which will be payable on January 8, 2020 to shareholders of record as of the close of business on December 26, 2019.

Shares of Seagate Technology were down nearly 5 percent in pre-market trade on Friday.