Seagate Cuts Sales Forecast on Smaller Hard-Drive Market
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Seagate Technology Plc said fiscal first-quarter sales will fall short of an earlier forecast, citing a shrinking market for computer hard drives, its main business.
Revenue for the current quarter, which ends Sept. 28, will be 5 percent to 7 percent lower than its previous forecast of $4 billion, the company said in a filing yesterday. That indicates sales of $3.72 billion to $3.8 billion. Analysts were projecting, on average, sales of $3.93 billion, according to data compiled by Bloomberg.