Seagate Technology plc (NASDAQ:STX) was up 0.20% to close at $45.23 in the last trading session on a volume of 45.23 million shares. Here is a recent development from the company.
Late January, Seagate Technology plc (NASDAQ:STX) launched the Seagate Game Drive that upgrades storage for PS4 consoles. Notably, the device comes with an internal storage capacity of 2 Terabytes. This way, users of PlayStation 4 devices do not have to discard their old titles to create space for new games.
The new device is “plug and play”
According to Seagate, standard games take up to 40 GB of space. On the other hand, the PS4 consoles come with an internal hard drive that is only 500 GB in size. This way, users find themselves at a crossroads when they want to add titles to their devices. Therefore, the Seagate Game Drive will enhance that capability to own more titles. Further, the device enhances the gaming capabilities of the PS4 device on which it integrates.
As per the firm, this new game drive will be handy and easy to install. Notably, the device does not incorporate sophisticated processes of installation. As per the company, it is simply a matter of plug and play. Users will have to wait for a maximum of three minutes for the installation to fully complete.
Seagate beat Wall Street estimates
Commenting on the developments, Jeff Fochtman, a vice president at Seagate said the device helps to maximize internal hard drives. This is an important aspect given the increasing tendency of some games to last years before going out of fashion. Therefore, users will have the opportunity to continue battling with friends on old titles while experimenting with new ones.
Interestingly, the release of the device came just days before the firm released financial results for the quarter ended December 2018. As per the report, it is clear that Seagate beat estimates by analysts on Wall Street. Notably, the net income for the quarter amounted to $384 million. This is more than double the revenue earned during Q2FY2018. Nevertheless, the gross revenue declined by a little over $19 million.
According to Seagate’s CEO, Dave Mosley, the firm is determined to beat the geopolitical uncertainties in the storage industry. “Our belief in the long-term growth of data creation and storage demand remains unchanged,” said Mosley.