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Seagate sees $35m loss

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Increased competition and price slashing have been blamed for a $35 million net loss from Seagate for Q2, the period ending 31 December. The loss includes a restructuring charge of $23 million. As the PC market pushes prices down, so margins get squeezed in the component market. a factor which will affect not just Seagate, but its competitors too. Seagate's quarterly revenue dropped 11 per cent to $1.6 billion and earnings were down 14 cents a share. Even so, this performance beat analysts' expectations. James Corridore, an S&P Equity Group analyst, told Cnet's news.com: "They had a pretty decent quarter and pricing was not as tough." He was said to have been expecting profit of 7 cents a share. ® Related Stories Jobs blow at Seagate Seagate fires 10,00 Quantum posts heavy losses

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