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August 31, 2022 05:28 pm GMT
"Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions. We have also seen more cautious buying behavior among global Enterprise / OEM and certain U.S. cloud customers amid ongoing macro-economic uncertainties. These external factors are impacting near-term mass capacity demand while continuing to weigh on the consumer centric legacy markets," said Dave Mosley, Seagate's chief executive officer.
Original Link: https://www.techpowerup.com/298417/seagate-revises-fiscal-first-quarter-2023-outlook
(PR) Seagate Revises Fiscal First Quarter 2023 Outlook
Seagate Technology Holdings plc (NASDAQ: STX) (the "Company" or "Seagate"), a world leader in data storage and infrastructure solutions, today announced that it is lowering its business outlook for the fiscal first quarter ending September 30, 2022, against a worsening macro-economic backdrop. Seagate now expects fiscal first quarter revenue of $2.1 billion plus or minus $100 million, which compares to the Company's previous guidance range of $2.5 billion plus or minus $150 million."Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions. We have also seen more cautious buying behavior among global Enterprise / OEM and certain U.S. cloud customers amid ongoing macro-economic uncertainties. These external factors are impacting near-term mass capacity demand while continuing to weigh on the consumer centric legacy markets," said Dave Mosley, Seagate's chief executive officer.
Original Link: https://www.techpowerup.com/298417/seagate-revises-fiscal-first-quarter-2023-outlook
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