Seagate Results Beat Forecasts
Hard disk maker Seagate Technology’s earnings came in ahead of expectations and the revenue decline wasn’t quite as bad as analysts had predicted. Seagate said its earnings fell 49 percent in the latest quarter as the bottom line was hit by expenses related to the disk-drive maker’s cost-cutting efforts and other items.
The company also projected revenue for the current quarter of at least $2.7 billion.
CEO Stephen Luczo said this seek that, while the shift from client-based servers to the clwud will provide opportunities for the company, “the rate of growth for storage demand in the near term will likely fluctuate quarter-to-quarter as major systems installations aggressively deploy, or absorb capacity.”