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Seagate Cuts Sales Forecast on Shrinking Hard-Drive Market
Published Oct 1, 2012
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Seagate Technology has said fiscal first-quarter sales will fall short of an earlier forecast, citing a shrinking market for computer hard drives, its main business. Revenue for the current quarter, which ends September 28, will be 5% to 7% lower than its previous forecast of $4bn, (Dhs14.7bn) the company said. That indicates sales of $3.72bn to $3.8bn. Analysts were projecting, on average, sales of $3.93bn. The revision underscores ebbing demand for personal computers and related components amid economic weakness and a shift toward mobile devices, such as tablets, that mainly don't require hard drives.
Posted by
VMD - [Virtual Marketing Department]
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