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Why Seagate Stock Soared 10% Today

TheMotleyFool

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Shares of Seagate Technology (NASDAQ: STX) exploded nearly 10% higher Thursday -- up 9.7% as of 12:35 p.m. ET -- after the maker of computer memory crushed analyst projections for fiscal Q2 2023 earnings last night.

Instead of the $0.10 per share in earnings and $1.83 billion in sales that Wall Street expected, Seagate reported an adjusted (i.e., non-GAAP) profit of $0.16 per share on sales of $1.89 billion.

Not all of Seagate's news was great. The $0.16 per share non-GAAP profit, for example, stands in stark contrast to what the company actually earned when profits are calculated according to generally accepted accounting principles (GAAP). As it turns out, the GAAP number for the quarter was a loss of $0.16 per share.

Source Fool.com

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