Seagate Technology Plunges 12% in Premarket Trading

Tiger Newspress2022-07-22

Seagate Technology plunged 12% in premarket trading after the hard-disk drive maker posted fiscal fourth-quarter results that missed expectations and issued weak guidance, while announcing production cuts.

For the period ending July 1, Seagate (STX) generated $2.63B in revenue and earned anadjusted $1.59 per share, well below the $2.79B and $1.89 per share analysts were expecting.

Looking ahead to the fiscal first-quarter, Seagate (STX) said it expects to generate between $2.35B and $2.65B in revenue and earnings between $1.20 and $1.60 per share, compared to estimates of $3B and earnings of $2.21 per share.

Seagate’s chief executive officer Dave Mosley said the continuation of macro issues is continuing and the company is reducing production to maintain "supply discipline." The company is also managing expenses, Mosley added.

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Comments

DanielSiah
2022-07-29
DanielSiah
Thanks for sharing
CTJL
2022-07-22
CTJL
Phasing out technologies.[Grin] [Sly]

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