RTTNews | Jul 21, 2021 11:08AM EDT

11:07 Wednesday, July 21, 2021 (RTTNews.com) - Shares of data storage manufacturer Seagate Technology Holdings Plc (STX) lost the initial gains made after reporting better quarterly results. The stock is currently down 5 percent on Wednesday to trade at $80.58.

The company's net income for the fourth quarter climbed to $482 million or $2.07 per share from $166 million or $0.64 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.00, compared to $1.20 in the year-ago quarter. On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $1.84 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $3.01 billion from $2.52 billion in the same quarter last year. Analysts expected revenue of $2.95 billion for the quarter.

Currently trading at $80.58, the stock has traded between $43.53 and $106.22 during the past 52 weeks.

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