Seagate Technology (NASDAQ:STX) is set to announce its earnings results tomorrow afternoon. Last quarter, the company reported revenues of $1.56 billion, which was a 17.6% decrease compared to the previous year but in line with analyst expectations. The quarter was strong for Seagate, showing improvement in gross margin and surpassing analysts’ EPS estimates.
Analysts are predicting that this quarter, Seagate’s revenue will decline by 10.7% year on year to $1.66 billion, which is an improvement from the 33.6% decline recorded in the same quarter last year. Adjusted earnings are expected to be $0.26 per share. Most analysts covering the company have maintained their estimates, indicating stability leading up to the earnings release.
Looking at the company’s peers in the semiconductor sector, some have already reported their earnings. Micron Technology saw a 57.7% year on year growth in revenue, surpassing analyst estimates, while SMART reported a 26.7% revenue decline, missing estimates
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