Seagate Technology Holdings Plc

-1.18 (-2.17%)
Other Pre-Announcement

Seagate Technology Lowers Business Outlook For Fiscal Q1

Published: 08/31/2022 12:46 GMT
Seagate Technology Holdings Plc (STX) - Sees Q1 Revenue About $2.1 Billion.
Seagate Technology Revises Fiscal First Quarter 2023 Outlook.
Seagate Technology - Lowering Its Business Outlook for Fiscal Q1 Ending September 30, 2022, Against a Worsening Macro-economic Backdrop.
Now Expects Fiscal Q1 Revenue of $2.1 Billion Plus Or Minus $100 Million.
Seagate - Since Earnings Call in Mid-july, Weaker Economic Trends in Some Asian Regions Amplified Customer Inventory Corrections, Supply Chain Disruptions.
Seagate Technology - Also Seen More Cautious Buying Behavior Among Global Enterprise/oem & Some U.S. Cloud Customers Amid Macro-economic Uncertainties.
Further Reducing Our Production Output, Lowering Expenses, and Moderating Fiscal 2023 Capital Investments.
Continue to See Solid Demand for Our 20+ Terabyte Product Family.
Remain On-track for Volume and Revenue Crossover With 18-terabyte Platform in September Quarter.
Long-term Demand Drivers for Mass Capacity Storage Remain Intact.
Fiscal Q1 2023 Non-GAAP EPS Now Expected to Be Meaningfully Below Our Prior Guidance of at Least $1.20.
Q1 Earnings per Share View $1.40, Revenue View $2.50 Billion -- Refinitiv Ibes Data (analyst estimates).