May 1 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.