Seagate rises on robust Q4 results forecast

Shares of storage device maker Seagate STX.O rise 8.5% to $88.50

For the fourth-quarter, Seagate expects revenue to be at $2.40 billion, plus or minus $150 million, above analysts' estimate of $2.3 billion, according to data compiled by LSEG

STX forecast adjusted earnings per share of $2.40 for the fourth quarter, above analysts' estimate of $2.07 per share

"Our performance underscores the structural enhancements we've made to our business model and healthy supply/demand environment for mass capacity storage," CEO Dave Mosley said

Seagate posted revenue of $2.16 billion for the third quarter, that surpassed estimates of $2.12 billion.

The data storage firm benefited from its updated on-device AI features and an anticipated Windows 11 refresh cycle

Up to last close, stock had fallen 5.5% YTD