Seagate Technology Shares Drop After CEO Says Building New Factories Would 'Take Too Long'

MT Newswires Live05-18 23:49

Seagate Technology (STX) shares dropped over 7% in recent trading Monday after the company CEO Dave Mosley said that building new factories to meet demand would "take too long."

The company is targeting exabyte growth in the mid-20% to meet customer demand, and the company is aiming to achieve this through boosting terabytes per platter through technology improvement, Mosley said during a fireside chat at the JPMorgan Technology, Media and Communications Conference in Boston, according to a FactSet transcript.

"If we took the teams off that and started building new factories or bringing up new machines, it would just take too long. You'd end up with more nominal capacity, but you'd slow the rate of growth on the technology," Mosley said.

Price: 736.96, Change: -58.52, Percent Change: -7.36

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