Tuesday, May 17,2005 @ 11:00am
Apple, iPod credited for Seagate earnings
The iPod is credited as hard drive maker Seagate reports strong financial results for its latest quarter, reports Digital Music News. Seagate most recently announced increased profits of 44% for the March quarter, with the company attributing a great deal of the growth to record iPod sales. "Apple and consumer electronics were important to Seagate's results," said America Technology Research analyst Shaw Wu in regards to the profit surge. And the company has plans for more. "We are confident that Seagate will maintain strong revenue and earnings in the June quarter, which is then followed by what we expect to be a seasonally strong second half of calendar 2005," said Seagate’s president and CEO, Bill Watkins. Net income for the quarter was $229 million, on total revenues of $1.97 billion.