In comparison, share count was reduced by only 5M in the previous three quarters combined. However, it's worth noting that Seagate spent about $1B to buy back 18M shares during Q2. Remember there was no COVID-19 to worry about the year before. Factors related to COVID-19 contributed 110 basis points to the total. Non-GAAP gross margin declined by 190 basis points YoY to 26.8%. Nevertheless, Q2 revenue still declined by 2.71% YoY to $2.62B and non-GAAP EPS shrank by 4.44% to $1.29 as shown below. Q2 FY2021 quarterly reportīoth revenue and EPS came in higher than expected. What that is and how it affects Seagate will be covered next. Most importantly, an inauspicious event once thought to be far away may be much closer than previously believed if Intel ( INTC) is correct. For instance, exabytes shipped reached another record, but it wasn't enough to keep revenue and EPS from shrinking once again. The latest quarterly report from Seagate ( NASDAQ: STX) contained a mix of positives and negatives.
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