Seagate Reports Fiscal First Quarter 2011 Results
After the stock market closed yesterday Seagate Technology reported financial results for the quarter ended October 1, 2010. The company shipped 49.2 million disk drives and on a GAAP basis reported revenue of $2.7 billion, gross margin of 20.4%, net income of $149 million and diluted earnings per share of $0.31. On a non-GAAP basis, which excludes the impact of purchased intangibles amortization, restructuring and costs related to the redemption of the Maxtor convertible notes, Seagate reported net income of $180 million and diluted earnings per share of $0.37.
Founded in 1979, Seagate is the leading provider of storage devicesin 2008, we became the first hard drive manufacturer to ship 1 billion hard driveswith the industrys broadest product offering. Our products include 2.5inch and 3.5inch hard disk drives, solid state drives and hybrid drives (which incorporate both rotating media and flash memory) for computeintensive enterprise environments that demand high performance, lowpower consumption and proven reliability. In 2009, Seagate developed its first solidstate drives (SSDs) that leverage nonvolatile flash memory instead of spinning magnetic media. Seagates first SSDs were designed for enterprise environments utilizing blade and general server applications. We followed that up in 2010 with a solid state hybrid drive for laptopsa product with a unique algorithm that enables the drive to learn which files are needed most often and then places them in the drives onboard flash memory for lightningfast access.
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