Seagate revenue surges in second quarter

Disk drive unit shipments up 35% on year ago quarter

Seagate Technology has reported revenue of $3.03bn for the second quarter of fiscal year 2010, an increase of 33% compared to $2.27bn for the same period last year. The disk drive unit shipments for the quarter were 49.9 million, up 35% from a year earlier.

The company posted a gross margin of 30.5%, compared to 13.9% for the same period a year ago. For the quarter ended January 1, 2010, the company has posted a net income of $533m or $1.03 dilute earning per share, compared to a net loss of $2.82bn or $5.8 per share for the same period last year.

The results for the quarter include $10m of purchased intangibles amortisation expense or approximately $0.02 per diluted share.

Steve Luczo, CEO of Seagate, said: “Our strong financial performance in the December quarter was the result of our ongoing progress in driving operational efficiencies, our leadership position in high capacity, high performance products, an improved product mix and the overall strength of demand for digital storage.”

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