Seagate Technology Reports $2.17B Revenue, EPS of $1.58; Stock Drops Over 4% on $2.3B Guidance, Western Digital Declines

Seagate Technology (STX) reported quarterly earnings that exceeded analysts' expectations, with revenue of $2.17 billion, a 49.11% increase year-over-year, and earnings per share (EPS) of $1.58, surpassing estimates by $0.12. Despite the strong performance, the stock fell over 4% due to cautious guidance for the fiscal second quarter, projecting revenue of $2.3 billion, which aligned with analyst expectations but raised concerns about future growth. In contrast, Western Digital Corporation (WDC) saw its shares decline by 1.30% in premarket trading following Seagate's results. Western Digital's own quarterly earnings report indicated revenue of $4.1 billion, slightly below expectations, and an adjusted EPS of $1.78, exceeding estimates. The outlook for Western Digital's second quarter forecasts revenue between $4.2 billion and $4.4 billion, also below analyst estimates.