Seagate Technology (STX) reported that its first-quarter net income was $179 million or $0.35 per share, compared to $57 million or $0.12 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
The latest quarter results included a $10 million of purchased intangibles amortization, $46 million of restructuring and a write down of long-lived assets of $64 million. The aggregate impact of these items is $120 million or approximately $0.23 per share.
Revenues for the quarter were $2.66 billion, compared to $3.03 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $2.62 billion for the quarter.
For the second- quarter, the company said that it is planning for the overall industry demand for disk drives to be 153 - 160 million units. The company expects revenue to be approximately $2.75 - $2.85 billion and gross margin as a percent of revenue to be near the high end of the company's targeted range of 22-26%.
Analysts expects the company to report revenues of $2.75 billion for the second-quarter.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.