Seagate Forecasts Third-Quarter Revenue Above Estimates

Seagate Technology (NASDAQ:STX), a hard-disk drive maker, forecast current-quarter revenue above estimates, buoyed by strong demand for its cloud-based storage products. Shares of the company, which also posted higher-than-expected second quarter profit and revenue, soared 13.7 percent to $42.56 in after-market trading on Tuesday.
As quoted in the press release:

Seagate has been focusing on cloud-based products as businesses cut spending on traditional storage systems.
“From a macro perspective, we remain cautiously optimistic about the current macroeconomic environment and IT spending trends,” Chief Executive Officer Steve Luczo said on a post-earnings conference call.

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