Seagate Technology stock surges after profit and revenue beats, citing 'rapidly accelerating' data storage demand

Shares of Seagate Technology Holdings PLC STX, +1.42% charged up 2.6% successful premarket trading Wednesday, aft the information retention institution reported fiscal fourth-quarter nett and gross that roseate to multiyear highs and bushed expectations, and provided an upbeat outlook, citing "rapidly accelerating" request for data. Net income for the 4th to July 2 roseate to $482 million, oregon $2.07 a share, from $166 million, oregon 64 cents a share, successful the year-ago period. Excluding nonrecurring items, adjusted net per stock grew to a nine-year precocious of $2.00 from $1.20, beating the FactSet statement of $1.87. Revenue accrued 19.7% to $3.01 billion, a six-year high, to apical the FactSet statement of $2.97 billion. For the fiscal archetypal quarter, Seagate expects adjusted EPS of successful the scope of $2.05 to $2.35, supra the FactSet statement of $1.90, and projects gross successful the scope of $2.95 cardinal to $3.25 billion, compared with expectations of $2.99 billion. "Demand for information is rapidly accelerating successful the unreality and astatine the edge, driving secular maturation for wide capableness information storage," said Chief Executive Dave Mosley. The banal arsenic soared 37.5% twelvemonth to day done Tuesday, portion the S&P 500 SPX, +1.52% has precocious 15.1%.