Reuters: Global Markets: Seagate forecasts revenue below estimates

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Learn to Play the Ukulele Make your own music in your own way on the ukulele and have fun doing it. This online course is taught by "Cool Hand Uke." Sign up today for just $25. From our sponsors

Seagate forecasts revenue below estimates Oct 28th 2013, 22:45 Share this Email Print Reprints Mon Oct 28, 2013 6:45pm EDT (Reuters) - Seagate Technology Plc (STX.O) reported lower-than-expected quarterly results and forecast second-quarter revenue below market estimates as falling personal computer sales dent demand for hard disk drives. Seagate shares fell 5 percent in extended trading after closing at $49.85 on the Nasdaq. The company said it expects revenue of $3.5-$3.6 billion for the second quarter, below the average analyst estimate of $3.64 billion. "The challenges of technology transitions and macro uncertainty are driving us to manage our business conservatively," Chief Executive Steve Luczo said in a statement. The company expects the business environment to improve in the second half of 2015, Chief Financial Officer Pat O'Malley told Reuters. As PC sales decline, Seagate and Western Digital Corp (WDC.O) - which dominate the hard-drive industry - are focusing on sales of higher-margin storage products to fast-growing cloud storage firms. Seagate's net income fell to $427 million, or $1.16 per share, in the quarter ended September 27, from $582 million, or $1.42 per share, a year earlier. Excluding items, the company earned $1.29 per share. Revenue fell 6 percent to $3.49 billion. Analysts had expected a profit of $1.30 per share on sales of $3.56 billion. Western Digital last week reported a better-than-expected quarterly profit, helped by stronger sales of higher-margin products to businesses and consumers. Seagate increased its quarterly cash dividend by 5 cents to 43 cents per share payable on November 26. (Reporting by Soham Chatterjee and Chandni Doulatramani in Bangalore; Editing by Maju Samuel) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions