Feeds

Seagate stock sinks after earnings stink

Profits prophesy pisses stock gods

5 things you didn’t know about cloud backup

Seagate shares took a hit today after the HDD manufacturer cut its third quarter revenue expectations.

On a release posted on the company website late Friday, Seagate now predicts to report revenue of $2.8bn Q3 — lowered from a previous estimate of $2.9-$3bn.

The company's stock dropped as much as 9 per cent in intraday trading, settling at $22 on the closing bell, a decline of 6.2 per cent.

The company blames the shortfall on aggressive pricing competition and lower-than-expected demand for high capacity 3.5-inch ATA disk drives. Seagate says its market share, both in total and within each market, remains virtually unchanged from last quarter.

The company plans to post results for the quarter on April 17. According to analysts iSuppli, Seagate and former rival Maxtor, recently borged by Seagate, accounted for 41 per cent of HDDs sold last year. ®

Build a business case: developing custom apps

More from The Register

next story
Microsoft: Azure isn't ready for biz-critical apps … yet
Microsoft will move its own IT to the cloud to avoid $200m server bill
Shoot-em-up: Sony Online Entertainment hit by 'large scale DDoS attack'
Games disrupted as firm struggles to control network
Silicon Valley jolted by magnitude 6.1 quake – its biggest in 25 years
Did the earth move for you at VMworld – oh, OK. It just did. A lot
VMware's high-wire balancing act: EVO might drag us ALL down
Get it right, EMC, or there'll be STORAGE CIVIL WAR. Mark my words
Forrester says it's time to give up on physical storage arrays
The physical/virtual storage tipping point may just have arrived
VMware vaporises vCHS hybrid cloud service
AnD yEt mOre cRazy cAps to dEal wIth
prev story

Whitepapers

A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.