Seagate Technology PLC (STX) surges in Wednesday’s Trading after announcing Strong Q2 Results

Shares of Seagate Technology PLC (NASDAQ: STX), a designer, manufacturer, marketer and seller of hard disk drives, surged in Wednesday’s trading session after the company announced strong second-quarter financial results.



Seagate shares soared to a new 52-week high of $26.15 on Wednesday before finishing the day 20.77% higher at $25.53.



Seagate said that it earned $563 million, or $1.28 per share in the second quarter ended December 31, 2011, compared with $150 million, or $0.31 per share reported for the same period in the previous year. The company’s revenue for the quarter jumped 17.5% to $3.2 billion as it shipped 47 million hard disk drives.



Excluding one-time items, Seagate reported a profit of $1.32 per share. Analysts had forecast Seagate to report adjusted profit of $1.06 per share on revenue of $3.14 billion.

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