Seagate profit drops 13 pct as demand for hard-disk drives falls
REUTERS - Seagate Technology Plc (STX.O) reported a 13 percent decline in quarterly profit as demand fell for its hard-disk drives due to declining personal computer sales.
Net income fell to $428 million, or $1.24 per share in the second quarter ended December 27, from $492 million, or $1.30 per share, a year earlier.
Revenue fell to $3.53 billion from $3.67 billion.
Seagate and rival Western Digital Corp (WDC.O) are tapping into the growing demand for products that help store data in the cloud and reducing their dependence on personal computer hard drives as consumers shift to smartphones and tablets.
(Reporting By Lehar Maan in Bangalore; Editing by Maju Samuel)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Russia can run on empty for a year if sanctions block new bonds
- Mumbai hit by big power cuts after technical glitch at Tata Power unit
- Rupee sees biggest fall in three weeks on broad dollar gains
- 100 days of Modi: Good for business, not so good for marginalised groups
China's latest antitrust probes, which have hit firms such as Microsoft and Volkswagen AG, are not protectionist tools that favour domestic firms, an official of the country's price regulator told the official China Daily. Full Article
Data scientists are increasingly becoming important to the world's tech companies. Video