Disk drive and digital storage specialist Seagate Technology PLC (NASDAQ:STX) booted up 20% higher after delighting the market yesterday evening with its results statement.
Post-tax profits for the second quarter of the company’s financial year were sharply higher at US$297mln from US$165mln a year earlier.
Earnings per share rose to a dollar from 55 cents a share, and would have hit US$1.38 a share but for one-off charges – well ahead of the Street’s forecast of US$108.
Revenue fell to US$2.89bn from US$2.99bn the year before, ahead of the consensus forecast of US$2.83bn.
Broker Stifel Nicolaus raised its price target to US$6 from US$40.
The shares opened at around US$45.