Home Business IT Storage & Cloud Storage Seagate suffers quarterly loss with drop in demand for storage products

Seagate suffers quarterly loss with drop in demand for storage products

US global storage giant Seagate has suffered a loss in the latest quarter on the back of lessening demand for its storage products.

Steve Luczo, Seagate’s chairman and chief executive officer said on Monday that results for the third quarter ending 1 April fell short of the company’s expectations as a result of several near-term demand factors.

But, Luczo said despite the challenges faced by Seagate, the company believed it has the “product portfolio, technology roadmap and operational leverage to ensure we are well-positioned for long-term success”.

“Accordingly, we are aggressively working to position Seagate to respond to new demand levels and are committed to ongoing financial discipline.”

On Monday, Seagate reported revenue of approximately $2.6 billion for the third-quarter, gross margin of 20.2%, and a net loss of $21 million and diluted loss per share of $0.07.

Despite the quarterly loss, Luczo said that while the short-term dynamics of the storage industry are challenging, Seagate continues to see “significant and growing Exabyte demand, particularly as enterprise applications shift to cloud environments”.

“As we look forward, our strategic focus is unchanged -- we are broadening our storage portfolio to meet the needs of our growing global customer base, building upon our strong competitive position and optimising our business for continued financial performance.

“These focus areas will enable us to build lasting value for shareholders.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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