Drive manufacturer Seagate Technology announced record results for its June quarter last night.
Quarterly revenue increased 63 per cent to a record $2.18 billion, while net income reached $280 million. The company shipped 27.3 million units.
Its annual revenue rose 21 per cent to a record $7.55 billion, while net income climbed 34 per cent to $707 million. Seagate shipped 98 million drives in its 2005 financial year.
The company's success reflects that presently enjoyed by many within the iPod ecosystem, such as Wolfson Microelectronics and Portal Player.
Convergence drives drive sector
Seagate Technology president and CEO Bill Watkins said: "The considerable growth we are experiencing is evidence of a significant evolutionary change that is occurring in the disc drive industry as our products have become a central, enabling technology for global digital convergence."
The company saw growth across its business sectors, particularly in the consumer electronics category. It's drives are being used in a multitude of applications, including iPods.
The company shipped 6.2 million drives in the June quarter for such applications, an increase of 222 per cent from the year-ago quarter and an increase of 49 per cent quarter-over-quarter. For the fiscal year, Seagate shipped 16.7 million disc drives for CE applications, a 165 per cent increase over the 6.3 million the company shipped in fiscal year 2004.
The company has also announced an 8GB 1-inch drive for handheld devices, such as iPod minis.