Storage device maker Seagate (STX) reported strong revenue growth in the fourth quarter aided by a continued increase in demand for its products. Consequently, earnings rose sharply and surpassed analysts’ estimates. Net income, on an adjusted basis, was $475 million or $1.62 per share in the fourth quarter, above estimates. Unadjusted profit climbed to $461 million or $1.57 per share from $114 million or $0.38 per share in the same period last year.
At $2.84 billion, revenues were higher by 17.8% compared to the fourth quarter of 2017.
“Looking ahead, we are confident that storage infrastructure demand will continue to grow with the Data Age digital transformations being fueled by new technologies, emerging industries and growing businesses,” said CEO Dave Mosley.