The iPod is again credited as another company reports excellent financial results.

Hard drive manufacturer Seagate Technology announced increased profits of 44 per cent for the March quarter, with the company attributing a great deal of the growth to record iPod sales.

America Technology Research analyst Shaw Wu told Digital Music News: "Apple and consumer electronics were important to Seagate's results."


However Digital Music News warns: "While the recent success is great for Seagate, an over-reliance on iPod-based revenues could be problematic."

But Seagate’s president and CEO Bill Watkins is not concerned in the short term: "We are confident that Seagate will maintain strong revenue and earnings in the June quarter, which is then followed by what we expect to be a seasonally strong second half of calendar 2005."

Net income for the quarter was $229 million, on total revenues of $1.97 billion.