Entrepreneur.com

Seagate Posts 3Q Loss, Lower Sales

Stock quotes in this article: STX  

SCOTTS VALLEY, Calif. (AP) — Hard drive maker Seagate Technology posted a fiscal third-quarter net loss Tuesday, reversing a year-ago profit as sales dropped amid the global economic turmoil.

For the three months ended April 3, the company posted a net loss of $273 million, or 56 cents per share, down from a profit of $344 million, or 65 cents per share, a year earlier.

The latest quarter's results included 11 cents per share in special items — without these the company lost 45 cents per share.

Revenue fell 31 percent to $2.15 billion from $3.1 billion.

Analysts, on average, were expecting a loss of 45 cents per share, excluding items, on sales of $2.01 billion, according to a poll by Thomson Reuters.

Seagate said it expects to reach profitability within fiscal 2010.

Shares slid 8 cents to $6.59 in after-hours trading after closing up 21 cents, or 3.2 percent, at $6.67.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.




Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,246.97 1,093.01 2,151.08 34.82
Oil *
77.27
UP
20.03
DOWN
0.06
DOWN
2.98
DOWN
0.04
10 Yr
3.48%
SPDR Gold
108.39
+0.20%
-0.01%
-0.14%
-0.11%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services