Why Seagate Technology Stock Plunged Today

Shares of Seagate Technology (NASDAQ: STX) have plunged today, down by 15% as of 12:00 p.m. EDT, after the company reported fiscal fourth-quarter earnings that fell short of expectations. Additionally, the company's board of directors has decided to replace CEO Steve Luczo.

Revenue in the fiscal fourth quarter came in at $2.4 billion, with non-GAAP earnings per share of $0.65. Analysts were expecting the company to generate $2.56 billion in revenue and $0.98 per share in adjusted profit, making the bottom-line miss particularly bad. Adjusted gross margin was 28.9%, and Seagate finished out the quarter with $2.5 billion in cash on the balance sheet.

Image source: Seagate Technology.

Source: Fool.com