Sept 21 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
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.