Seagate Technology Stock Falls 4%

(RTTNews) - Seagate Technology Holdings plc (STX) is down 4.10 percent, losing $27.40 to $640.45 on Wednesday. The decline comes despite the company reporting higher first-quarter earnings, with net income rising to $1.76 billion, or $7.59 per share, from $549 million, or $2.43 per share, a year earlier. Adjusted earnings totaled $1.78 billion, or $7.68 per share.

Seagate Technology is currently trading at $640.45, down from the previous close of $667.85 after opening at $648.58 on the Nasdaq. The stock has traded between $621.55 and $652.00 during the session. Trading volume stands at 2.06 million shares, compared with an average volume of 4.61 million shares.

First-quarter revenue surged 61 percent, to $4.23 billion from $2.63 billion a year earlier. For the next quarter, Seagate expects earnings of $9.20 to $9.40 per share and revenue of $4.8 billion to $4.9 billion. The company's shares have traded between $228.61 and $1,145.00 over the past 52 weeks.