Seagate: Recuperating After An Earnings Miss

The quarterly results in the month of October seemed to bring to a halt the rally in the share price of Seagate Technology (STX). Operating in a fierce competitive business segment, the company observed a reduction in revenues by 6.51% and basic earnings per share plunged to $1.2 from $1.48 for the same period a year ago. On the other hand, its competitor has managed to upscale its revenue and the profits too have been good on account of high margin products. Steve Luczo, Seagate’s chairman and chief executive officer, is quite optimistic as the prevalent opportunities in the core business (cloud, mobile and open source storage advancement) seem to be burgeoning. Continue Reading..