Seagate Technology (NYSE:STX) announced its fiscal fourth-quarter earnings after the closing bell today. The company earnings report has missed analysts estimates causing the stock to plummet by more than 8% in after hours trading.
Steve Luczo, Seagate chairman and chief executive officer said “As we announced previously, we were disappointed not to meet our revenue and margin plan for the fourth quarter as a result of the industry’s faster recovery from the supply chain disruption and an isolated supplier issue that we experienced,”. STX’s net income reported is $1.013 billion or $2.37 per share, compared to $119 million in net earnings or $0.27 per share, in the year ago period. The analysts’ consensus EPS of $2.51 was also missed with seagate reporting a net income of $1.028 billion or $2.41 per share. The Cupertino-based company, STX, anounced revenues of $4.48 billion in the quarter, up from $2.86 billion in last year’s fourth-quarter. The company failed to meet analyst revenue estimates of $4.56 billion.