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)
Trending On Reuters
Apple Inc is on target to introduce its next iPhone and iPad models on March 15, and aims to start selling the devices in the same week, technology blog 9to5Mac reported, citing sources. Full Article