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Seagate Misses Revenue Forecasts By $500M

[Techtaffy Newsdesk]

Seagate’s results for the fourth fiscal quarter of 2012, which ended on June 29, 2012, are off by $500 million says the company. Seagate expects to report revenues of approximately $4.5 billion; the company had forecasted revenues to be $5 billion.

Seagate expects to report approximately 66 million unit shipments for the June quarter, reflecting approximately 45 exabytes of storage capacity and maintaining approximately 42 per cent market share. During the quarter the company paid $1.2 billion to redeem over 45 million ordinary shares and exited June with 396 million basic shares outstanding. Cash, cash equivalents, restricted cash and short term investments totaled $2.2 billion at the end of the June quarter.

Steve Luczo (Chairman and chief executive officer, Seagate): Seagate expects to report another record quarter of revenue in the June quarter, however we did not meet our expected revenue and margin plan.

The June quarter’s shortfall was due primarily to two factors, says Seagate. First,  the company reduced shipments in response to the industry’s faster than expected recovery from their supply chain disruption. Second, Seagate experienced an isolated supplier quality issue that affected one of its enterprise product lines. This product issue impacted enterprise product unit shipments by approximately 1.5 million units.

Seagate will report full fiscal fourth quarter 2012 financial results on Monday, July 30, 2012 after the close of the market.

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