Seagate Technology PLC
- Seagate Technology Holdings PLC declined 7.6% to $58.11 after the disk maker reported weak quarterly results.
Revenue in the fiscal third quarter ending in March declined to $1.8 billion from $2.8 billion and the company swung to a net loss of $433 million from $346 million and diluted earnings per share was ($2.09) compared to $1.56 a year ago.
The company also announced a restructuring plan to reduce its cost structure in the face of market weakness. The plan is expected to be completed by the year's end and cost $150 million.
Seagate forecasted venue in the fiscal fourth quarter decline to $1.7 billion with a band of $150 million and non-GAAP loss per share of 20 cents with a band of 20 cents.
Apr 20, 2023
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