Seagate Technology Pares Initial Gain Following Improved Q4 Earnings

Shares of data storage manufacturer Seagate Technology Holdings Plc (STX) lost the initial gains made after reporting better quarterly results. The stock is currently down 5 percent on Wednesday to trade at $80.58.

The company's net income for the fourth quarter climbed to $482 million or $2.07 per share from $166 million or $0.64 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.00, compared to $1.20 in the year-ago quarter. On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $1.84 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $3.01 billion from $2.52 billion in the same quarter last year. Analysts expected revenue of $2.95 billion for the quarter.

Currently trading at $80.58, the stock has traded between $43.53 and $106.22 during the past 52 weeks.

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