Seagate Q2 Net Beats Expectations; Dividend Raised
Seagate Technology today reported a drop in quarterly earnings. According to GAAP standards, Q2 2013's net fell to $492 million ($1.30 per diluted share), but that was higher than the average analyst expectation of $1.27. Revenue came in at $3.7 billion.
The same figures for Q2 2012 were $563 million ($1.28 diluted EPS) on the bottom line on $3.2 billion in revenue.
Much of the year-over-year decline in the bottom line was due to costs related to a pair of acquisitions the company made during the quarter. It booked a non-cash $37 million expense for the purchases.
The company also announced a partnership with data storage equipment start-up Virident Systems, under which Seagate will invest $40 million in the young company.
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