Hard Drive Maker Seagate Tech Cuts Outlook
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Seagate Tech cut its third-quarter outlook due to diminished demand and pricing pressures for its high-capacity 3.5-inch ATA disc drives. The hard-drive maker said Monday that it now expects revenue to be about $2.8 billion, compared with previous expectations of $2.9 billion to $3 billion.
The company said it believes that its market share, both in total and within each market currently served, is virtually unchanged from the previous quarter. “Overall, the company’s results continue to be healthy and are reflective of its leadership position in an industry where consumers and applications are using, creating and sharing digital content at an accelerating pace,” the company said in a press release.
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