Seagate predicts a gradual return to health by enterprise clients in 2021 will help restore disk drive sales.
Disk drive maker Seagate Technology this afternoon reported fiscal Q1 revenue that missed expectations, and forecast this quarter’s results slightly higher, citing continued pressure on enterprise storage buying. The company’s stock dropped sharply in late trading. Seagate’s revenue dropped 10%, year over year, to $2.31 billion. That was slightly ahead of the company’s own forecast for $2.3 billion, but missed consensus for $2.36 billion. The company’s earnings per share,93 cents, topped Wall Street’s area estimate of 90 cents.
