February 4th, 2019 by Adam Armstrong
Seagate Reports 2Q19 Earnings
Today Seagate Technology reported financial results for the second quarter ended December 28, 2018. The company saw lower numbers in general this quarter compared to last or this time in the previous year. The company’s stock is down overall throughout the quarter.
Looking at the numbers for the quarter, Seagate is reporting revenue of $2.715 billion, down from last quarter’s near $3 billion and down 7% from the same time last year. The company is reporting a GAAP net income of $384 million (or $1.34 diluted earning per share), up from $159 million year over year. For non-GAAP net income, Seagate saw $405 million (or $1.41 diluted EPS) a drop from $431 million or $1.48 EPS in year over year. Seagate is reporting gross margin of 29.2% GAAP and 29.7% non-GAAP and free cash flow of $161 million
Seagate announced a quarterly cash dividend of $0.63 per share, which will be payable on April 3, 2019 to shareholders of record as of the close of business on March 20, 2019. In this quarter the company hit a few milestones such as achieving a 16TB HAMR HDD, a new internal SSD with the BarraCuda 510, and a purpose built NAS SSD with the IronWolf 110.