Operating income was $221m compared to operating income of $80m in the same period last year, while diluted EPS increased to $0.35 from $0.12 last year. The company shipped 46.3 million disk drive units during the quarter.

The company announced plans to cut approximately 2,000 jobs in Singapore as it shifts its hard disk manufacturing from the Ang Mo Kio facility in Singapore to other plants. It also appointed BanSeng Teh as vice president and managing director of Nippon Seagate, responsible for operations in Japan in addition to his responsibilities as vice president and managing director of the company's Asia Pacific sales and marketing arm.

Steve Luczo, CEO at Seagate, said: "The company has returned to its operating model well ahead of our expectations of six months ago and now expects to sustain gross margin of 22-26%. Although mission critical enterprise demand in particular has yet to recover to historical levels, we benefitted from our time-to-market product delivery to customers integrating our notebook, desktop and enterprise drives."

Looking ahead, for the second quarter, the company expects revenue to be approximately $2.75 billion to $2.85 billion and gross margin as a percent of revenue to be near the high end of targeted range of 22% to 26%. For fiscal 2010, it expects revenue to be approximately $10.5 billion and non-GAAP EPS to be $2.20.

A service of YellowBrix, Inc.