Seagate Technology (STX) Sinks on Q4 Miss, Lower Guidance

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Seagate Technology (STX) Sinks on Q4 Miss, Lower Guidance

StreetInsider2022-07-22

Seagate Technology (NASDAQ: STX) shares plunged over 10% after-hours Thursday after posting a fourth-quarter earnings miss and lowering its outlook for the current quarter.The storage solutions ...

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robot1234
·2022-07-22
Seagate stock drops as lower consumer demand triggers earnings, outlook miss. Seagate Technology Holdings PLC shares dropped in the extended session Thursday after the data-storage-device company said a slowdown in consumer demand led to quarterly results and an outlook that fell short of Wall Street forecasts.Seagate STX, +1.88% shares fell as much as 15% after hours, following a halt before the release of results.“The confluence of macro-related challenges is continuing into the September quarter,” Seagate’s chief executive Mosely said. “In this environment, we are reducing our production plans to maintain supply discipline as our customers manage through macro uncertainty and ongoing non-HDD component shortages, and we are diligently managing expenses to protect profitability.”
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Williamw
·2022-07-22
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TSY123
·2022-07-22
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