Seagate Sees Strong Earnings Rebound

Seagate Technology Inc., the world’s largest disk drive maker, reported sharply improved earnings that beat even the most optimistic expectations, helped by cost-cutting and a rebound in the computer-storage industry. Net income jumped to $104 million, or 42 cents a share, for the company’s second quarter ended Jan. 1 this year, contrasted with a loss of $183 million, or 75 cents a share, the previous year. Scotts Valley-based Seagate boosted its revenue in the quarter to $1.8 billion from $1.67 billion. The earnings per share in the most recent period easily surpassed the consensus estimate carried by First Call, which forecast 26 cents. Seagate shares rose 88 cents to close at $38.94 on the New York Stock Exchange. The company reported its earnings after U.S. markets closed.