Seagate Technology PLC cut its sales guidance for its latest
quarter on weaker-than-expected demand.
Shares fell 1.9% to $45.10 in recent premarket trading.
For the quarter ended July 3, Seagate said now expects to post
revenue of roughly $2.9 billion, compared with its previous
estimate of $3.2 billion to $3.3 billion.
The Cupertino, Calif.-based company also lowered its outlook for
margins, excluding certain items, to roughly 27% from about
28.5%.
Like other technology companies, Seagate has been aiming to
diversify its offerings in a shifting marketplace.
During April, the data-storage company reported that its
earnings fell 26% for the quarter ended in March, citing poor
economic conditions.
Write to Tess Stynes at tess.stynes@wsj.com
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