Seagate Technology Reports Fiscal First Quarter 2011 Financial Results

Seagate Technology Reports Fiscal First Quarter 2011 Financial Results

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.