Shares of Seagate Technology (NASDAQ: STX) exploded nearly 10% higher Thursday -- up 9.7% as of 12:35 p.m. ET -- after the maker of computer memory crushed analyst projections for fiscal Q2 2023 earnings last night.
Instead of the $0.10 per share in earnings and $1.83 billion in sales that Wall Street expected, Seagate reported an adjusted (i.e., non-GAAP ) profit of $0.16 per share on sales of $1.89 billion.
Not all of Seagate's news was great. The $0.16 per share non-GAAP profit, for example, stands in stark contrast to what the company actually earned when profits are calculated according to generally accepted accounting principles ( GAAP ). As it turns out, the GAAP number for the quarter was a loss of $0.16 per share.
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Why Seagate Stock Soared 10% Today