Seagate Technology Plc reported quarterly profit and revenue as a result of improved demand for its personal computer and cloud storage products. For the first quarter, the company reported revenue of approximately $3.8 billion - up 8.5 percent - gross margin of 27.8%, net income of $381 million and diluted earnings per share of $1.13. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 28.1%, net income of $453 million and diluted earnings per share of $1.34.

"We achieved strong financial results in the first fiscal quarter, driven by consistent execution and better-than-anticipated market demand for our PC and Cloud storage products," said Steve Luczo, Seagate’s chairman and chief executive officer. "We continue to improve our position in the evolving storage market by leveraging and investing in our core storage technology and expanding our product portfolio with Cloud systems and solutions and integrated flash technology. We remain confident in our cash flow generation and the opportunities ahead for Seagate as evidenced by our recently announced target annual dividend increase of 26% to $2.16."