Seagate Technology PLC Reports 57% Drop In Q1 Profit

(RTTNews) - Seagate Technology PLC (STX) reported earnings for first quarter that lost ground compared to the same period last year.

The company said its profit totaled $165 million, or $0.54 per share. This was lower than $381 million, or $1.13 per share, in last year's first quarter.

The company said revenue for the quarter fell 23.0% to $2.92 billion. This was down from $3.79 billion last year.

Seagate Technology PLC earnings at a glance:

-Earnings (Q1): $165 Mln. vs. $381 Mln. last year. -Earnings Decline (Y-o-Y): -56.7% -EPS (Q1): $0.54 vs. $1.13 last year. -EPS Decline (Y-o-Y): -52.2% -Revenue (Q1): $2.92 Bln vs. $3.79 Bln last year. -Revenue Change (Y-o-Y): -23.0%