Seagate Technology Falls Despite Q1 Earnings Beat And Rising Margins

Seagate Technology Holdings PLC (NASDAQ:STX) shares are trading lower on Wednesday. The company reported first-quarter revenue of $2.17 billion, beating the consensus of $2.119 billion.

Adjusted gross margin rose to 33.3% from 19.8% a year ago quarter. Adjusted operating margin escalated to 20.4% from 2.8% in the prior-year quarter. Adjusted EPS of $1.58 beat the consensus of $1.46.

In the first quarter, the company generated an operating cash flow of $95 million and a free ...