(October 21, 2011) Shares of Seagate Technology Plc (NASDAQ: STX), a Dublin, Ireland-based company, are soaring in trading today. At last check, the Seagate Technology stock was trading 22.75% higher at $14.80 on above average volume of 23.97 million.

Seagate shares are soaring in trading today after the company announced its first-quarter financial results. Seagate reported first-quarter revenue of $2.8 billion. During the first quarter the company shipped 51 million disk drives. The company’s gross margin for the first quarter ended September 30, 2011 was 19.50%.

Seagate reported first-quarter net income of $140 million, or $0.32 per share. On a non-GAAP basis, the company’s net income for the first quarter ended September 30, 2011 was $146 million, or $0.34 per share. During the first quarter, the company repurchased $128 million of its ordinary shares. The company also paid $75 million in the form of dividend to shareholders.

Seagate also announced that the European Commission approved its proposed acquisition of Samsung’s hard disk drive assets. Seagate said that it will continue to work with other regulatory bodies to secure additional approvals in the coming weeks.

About Seagate Technology Plc: Seagate Technology Plc is a designer, manufacturer, marketer and seller of hard disk drives. The company is engaged in the production of a variety of disk drive products addressing enterprise applications.

• The Seagate Technology stock has a 52-week range of $9.05-$18.35.
• The stock trades on a daily average volume of 8.16 million.
• The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
• The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.

Summary

Seagate Technology reported its first-quarter financial results. The company’s shares are soaring following the announcement.