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Seagate cuts sales forecast on shrinking hard-drive market
- Middle East: Monday, September 24 - 2012 at 09:40
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, Bloomberg has reported. 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.
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