Seagate results beat estimates after cutting costs

Wed May 1, 2013 4:11pm EDT

May 1 (Reuters) - Hard disk drive maker Seagate Technology Plc posted better-than-expected quarterly results after it cut costs in the face of declining PC sales.

Seagate and rival Western Digital Corp are tapping into the growing demand for products that help customers store data in the cloud and reducing their dependence on personal computer hard drives as consumers increasingly shift to smartphones and tablets.

Seagate's net income fell to $416 million, or $1.13 per share in the third quarter, from $1.15 billion, or $2.48 per share, a year earlier.

Excluding items, the company earned $1.26 per share.

Revenue for the quarter fell 20.7 percent to $3.53 billion.

Analysts on average had expected earnings of $1.15 per share on revenue of $3.37 billion.