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Seagate expects to miss quarterly sales forecast, will be $500 million short

Seagate not doing so well, looking to miss their quarterly sales forecast by $500 million

| Business, Financial & Legal News | Posted: Jul 6, 2012 6:30 am

Seagate are looking to expect revenues of $4.5 billion for the quarter, $500 million less than they previous expected. The company has said this is due to a supply quality issue, and a slower-than-expected rate of market share growth.




Seagate just last month said they would acquire LaCie, and have also said their gross margins on a non-GAAP basis would be lower than expected, by nearly a full percentage point. Seagate's shares fell by 64 cents, or a little over 2.5-percent, in after-hours trading to $24.44, after closing at $25.08 during the regular session. Seagate's shares have increased more than 55-percent this year.


The Thailand floods last year definitely caused the hard drive manufacturer some issues, considering Western Digital was hit with the brunt of the supply issues. The HDD industry didn't just die, but it has taken Seagate a little while longer to get where they'd like to be.


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