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Seagate in sales doldrums

Soft business for hard drives

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Now Seagate joins the hard drive vendors' profit doldrums club. It blames weaker than expected demand for disk drives and price deterioration for desktop products for its failure to meet previous estimates. Q4 sales from all disk drive products will be around $100 million -– around six per cent -- worse than Q3. Earnings per share were expected to be $0.45 -– now Seagate anticipates and EPS of $0.32 to 037. Both sets of forecasts exclude the effects of the sale of Seagate Software NSMG to VERITAS. Seagate’s profit warning comes a little late in the day. Its Q4 ends on 2 July and it expects to announce results after close of play on 15 July. In recent weeks, Western Digital and Maxtor have issued profit warnings. ®

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