Seagate Stock Jumps After Earnings Beat Expectations, 'Robust' Data Center Demand

Seagate Technology (STX) stock jumped late Tuesday after the hard-disk drive maker reported quarterly results that beat expectations. A recent pullback for top performing AI stocks was weighing on Seagate's shares coming into the report.

Seagate earned an adjusted $5.71 per share from sales of $3.6 billion for the June quarter, according to a company press release. Analysts polled by FactSet were forecasting adjusted earnings of $5.10 per share and sales of $3.5 billion. The results represent Seagate's fiscal fourth quarter.

Seagate's adjusted earnings increased 120% year-over-year while revenue increased 49%.

For the current quarter, Seagate guided for sales of $4.1 billion at the midpoint of its range. Analysts were previously forecasting $3.78 billion in September quarter sales, according to FactSet