Feeds

Seagate stock sinks after earnings stink

Profits prophesy pisses stock gods

Internet Security Threat Report 2014

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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
NSA SOURCE CODE LEAK: Information slurp tools to appear online
Now you can run your own intelligence agency
Azure TITSUP caused by INFINITE LOOP
Fat fingered geo-block kept Aussies in the dark
NASA launches new climate model at SC14
75 days of supercomputing later ...
Yahoo! blames! MONSTER! email! OUTAGE! on! CUT! CABLE! bungle!
Weekend woe for BT as telco struggles to restore service
Cloud unicorns are extinct so DiData cloud mess was YOUR fault
Applications need to be built to handle TITSUP incidents
BOFH: WHERE did this 'fax-enabled' printer UPGRADE come from?
Don't worry about that cable, it's part of the config
Stop the IoT revolution! We need to figure out packet sizes first
Researchers test 802.15.4 and find we know nuh-think! about large scale sensor network ops
SanDisk vows: We'll have a 16TB SSD WHOPPER by 2016
Flash WORM has a serious use for archived photos and videos
Astro-boffins start opening universe simulation data
Got a supercomputer? Want to simulate a universe? Here you go
prev story

Whitepapers

Go beyond APM with real-time IT operations analytics
How IT operations teams can harness the wealth of wire data already flowing through their environment for real-time operational intelligence.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.