Seagate today reported financial results for the quarter ended December 29, 2017. For the second quarter, the Company reported revenue of $2.9 billion, gross margin of 30.1%, net income of $159 million and diluted earnings per share of $0.55. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 30.4%, net income of $431 million and diluted earnings per share of $1.48.
During the second quarter, the Company generated $850 million in cash flow from operations and $773 million in free cash flow. Cash and cash equivalents totaled approximately $2.6 billion at the end of the quarter. There were 285 million ordinary shares issued and outstanding as of the end of the quarter.
“Achieving year-over-year revenue and profitability growth and significant cash flow generation in the December quarter reflects Seagate’s solid execution and competitiveness of our storage solutions portfolio, particularly in the cloud-based environments. With our leading storage technology platforms, manufacturing and supply-chain management capabilities, Seagate is in a strong position to support ever-increasing storage demand from diverse markets and applications. Looking ahead, we will continue to focus on operational excellence and accomplishing our financial and shareholder-return objectives,” said Dave Mosley, Seagate’s chief executive officer.