Seagate cuts current-quarter revenue estimate on weak demand
(Reuters) - Seagate Technology Plc, maker of hard drives and storage devices, cut its estimate for current-quarter revenue on lower demand for hard drives.
Seagate said first-quarter revenue is likely to be 5 to 7 percent lower than its previous forecast of $4 billion.
Analysts on average were expecting revenue of $4.02 billion for the quarter ending September, according to Thomson Reuters I/B/E/S.
The company expects the total available market for hard drives in the first quarter to be about 140 million units and said it expects to maintain its 40 to 43 percent market share.
Rival Western Digital Corp, the world's largest storage-drive maker, cut its current-quarter revenue forecast earlier this month as demand for hard disk drives was muted.
Western Digital and Seagate command over 90 percent of the hard disk drive (HDD) market.
Seagate shares were down 1 percent after market on Friday. They had closed at $30.95 on the Nasdaq.
(Reporting by Chandni Doulatramani in Bangalore; Editing by Sreejiraj Eluvangal)