Feeds

Seagate stock sinks after earnings stink

Profits prophesy pisses stock gods

High performance access to file storage

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. ®

High performance access to file storage

More from The Register

next story
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
European Court of Justice rips up Data Retention Directive
Rules 'interfering' measure to be 'invalid'
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Cisco reps flog Whiptail's Invicta arrays against EMC and Pure
Storage reseller report reveals who's selling what
Bored with trading oil and gold? Why not flog some CLOUD servers?
Chicago Mercantile Exchange plans cloud spot exchange
Just what could be inside Dropbox's new 'Home For Life'?
Biz apps, messaging, photos, email, more storage – sorry, did you think there would be cake?
IT bods: How long does it take YOU to train up on new tech?
I'll leave my arrays to do the hard work, if you don't mind
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.