US-based data storage firm Seagate Technology's revenue has increased by 28.5% on non-GAAP basis to $3.5bn for the first quarter of fiscal 2014 ended 27 September 2013, compared to the corresponding period previous year.
For the first quarter of fiscal, the company reported a net income of $473m, a 27% drop compared to last year with slump in PC sales clouding the demand of hard disk drives.
Seagate chairman and chief executive officer Steve Luczo said that the solid financial results this quarter reflect the ongoing execution of the company's business model.
"While the challenges of technology transitions and macro uncertainty are driving us to manage our business conservatively, we remain focused on the fact that the demand for exabytes of storage continues to increase," Luczo said.
"We continue to invest in our market-leading storage technology portfolio to enable cloud, mobile and open source storage advancement as we believe these market trends represent new and significant opportunities for Seagate."
During the quarter, the company had generated about $682m operating cash flow, paid cash dividends of $135m and repurchased 4 million ordinary shares for about $182m.