Seagate, Maxtor Profits Rise on Higher Sales

Seagate Technology, the world’s biggest maker of computer disk drives, said fiscal first-quarter profit rose 80% on higher sales of devices used in personal and laptop computers. No. 2 Maxtor Corp. showed a third-quarter profit as sales jumped 30%.

Seagate’s net income in the quarter grew to $198 million, or 40 cents a share, from $110 million, or 24 cents, a year earlier, the company said. Sales rose 10% to $1.74 billion.

Maxtor’s net income was $29.9 million, or 12 cents a share, after a net loss in the year-earlier period. Sales rose to $1.07 billion from $819.7 million, the Milpitas, Calif., company said.

Shares of Seagate, which is based in the Cayman Islands and operated from Scotts Valley, Calif., rose 20 cents to $29.50. Maxtor shares rose 40 cents to $15.30. Both trade on the NYSE.

From Bloomberg News