Updated from March 2.

Seagate Technology ( STX) will deliver third-quarter earnings at the low end of its previous guidance, the hard-drive maker said after the close Tuesday.

The main culprit was slower-than-expected January sales, the company said.

Shares of Seagate, which took a $4 hit in January when the company missed its second-quarter forecast, were recently up 5 cents, or 0.3%, to $16.78.

In January, Seagate told investors to expect March quarter earnings to range from 20 cents to 30 cents a share, but the company did not give top-line guidance.

Tuesday's call had news that could indicate that demand for drives in notebooks and some business systems is slowing. But some analysts thought the slowdown noted by Seagate was a company-specific issue and not a general trouble indicator.

The company said it expects the total available market for its most important business -- personal storage, including desktops -- to decline by 5 million to 6 million units during the quarter, in line with its previous forecast. In the last quarter, personal storage accounted for more than 78% of the units shipped by Seagate.

But the total available market for enterprise storage products will be about 5 million units, 10% below the January estimate. Also, the market for mobile storage products, an important new business for Seagate, will drop 10% to 15% below the previous quarter, Seagate now believes.

In a call with analysts, Chief Executive Steve Luczo said he did not believe the company had lost market share in the quarter, and the company said pricing in the volatile industry was stable.

Analyst Ashok Kumar of Piper Jaffray said it was unclear if the issue was a "secular headwind" or an indication of Seagate's weakness and left his in-line rating on the company unchanged. (Piper Jaffray does not have a current banking relationship with Seagate.)

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