Seagate’s Profit Dives

Seagate Technology Inc.’s operating profit plunged 71% in its fiscal second quarter to $30 million, or 14 cents a share, but beat the 8-cent average estimate of analysts surveyed by First Call/Thomson Financial. The computer disk drive maker’s revenue fell 8.7% to $1.65 billion amid steep price competition. Shares of Scotts Valley, Calif.-based Seagate, which reported results after the markets closed, traded as high as $45 in after-hours trading. The shares closed off 56 cents at $41.88 on the New York Stock Exchange.