Seagate Sees 4Q Loss, Flat Demand
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SCOTTS VALLEY, Calif. (AP) Hard drive maker Seagate Technology said Tuesday it expects to post a net loss for its fiscal fourth quarter as disk drive demand will likely be "relatively flat" compared with the third quarter.
The company forecast a net loss of 37 cents to 47 cents per share for the April-June period, including restructuring and other charges of about 8 cents per share. Analysts polled by Thomson Reuters are expecting a loss of 30 cents per share, excluding items. Seagate expects sales of about $1.9 billion to $2.2 billion. Analysts are predicting $1.98 billion. Seagate also said it expects to reach profitability within fiscal 2010. Shares fell 8 cents to $6.59 in after-hours trading after closing up 21 cents, or 3.2 percent, at $6.67.- Loading Comments...
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