Seagate: Q2 net profit increase 275% hard disk supply gap

February 1 news, according to Reuters, Seagate today announced the second quarter of fiscal year 2011 earnings. The financial report shows that Seagate’s revenue reached US$3.195 billion and net profit was US$563 million, or 1 per share. 28 US dollars, an increase of 275%.

As of December 30, Seagate's gross margin in the second quarter was 31.6%, compared with 19.5% in the same period of last year, and hard disk shipments were 47 million. In contrast, Western Digital’s hard disk shipments during the quarter were 28.5 million.

Seagate expects that there will be a supply gap of 150 million in the HDD market in 2012, and the situation of oversupply of products will further stimulate corporate profits.

Affected by this news, Seagate’s share price rose 6% in after-hours trading to close at 21.14.

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