Seagate Swings to Sizable Loss

Storage specialist Seagate(STX Quote) has met analysts' sales guidance but swung to a $273 million loss in its third-quarter results.

Seagate reported third-quarter sales of $2.1 billion, down from $3.1 billion in the same period last year, but just above Wall Street's forecast of $2.01 billion.

The revenue figure did not exactly come out of the blue. Seagate recently forecast better-than-expected revenue and gross margin in its preliminary third-quarter results. The Scotts Valley, Calif.-based firm had initially forecast revenue of $1.6 billion to $2 billion, but raised this figure following strong sales of its 2.5-inch and 3.5-inch products. ...