April 19, 2011 / 10:09 AM / 9 years ago

Seagate Q3 profit lags

(Reuters) - Seagate Technology Plc posted third-quarter profit below market expectations on lower hard-drive shipments during the quarter.

The company, separately announced a deal to buy Samsung Electronics Co’s hard disk business for $1.4 billion in cash and stock, a month after rival Western Digital Corp bought Hitachi Ltd’s hard drive business.

For the three month period, the hard drive disk maker reported revenue of $2.7 billion and earned 25 cents a share in profit, on an adjusted basis.

Reporting by Himank Sharma in Bangalore; Editing by Joyjeet Das

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