Deutsche Bank Cuts Seagate (STX) Price Target to $35; Keeps 'Buy' Rating
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Seagate Technology Reports Fiscal Second Quarter 2016 Financial Results
January 29, 2016 8:00 AM ESTCUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ: STX) (the Company or Seagate) today reported financial results for the second quarter of fiscal year 2016 ended January 1, 2016. For the second quarter, the Company reported revenue of approximately $3.0 billion, gross margin of 24.8%, net income of $165 million and diluted earnings per share of $0.55. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 25.6%, net income of $246 million and diluted earnings per share of $0.82. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial tables.
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