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Seagate earnings jump

Vaulting beyond analysts' expectations, Seagate posts a more than 30-percent increase in second-quarter earnings.

Jumping ahead of analysts' expectations, Seagate Technology (SEG) today posted a more than 30-percent increase in second-quarter earnings.

Seagate, a manufacturer of storage and network management software, reported profits of $212.6 million, or 91 cents a share, for the quarter ending December 27. That is up from a year ago when it recorded earnings of $148.9 million, or 74 cents a share.

Wall Street analysts had expected the company to report earnings of 73 cents a share, according to First Call.

Revenues, meanwhile, reached a record $2.4 billion for the quarter, up from $2.3 billion a year ago.

Seagate also announced it has reached tentative settlements for two separate securities class-action lawsuits filed against the company and its wholly owned subsidiary, Conner Peripherals. The company said the settlements, which are subject to court approval and completion of appropriate agreements, will not have a significant affect on its financial results.