Seagate Sees Better-Than-Expected Revenue
October 11 2016 - 10:20AM
Dow Jones News
Seagate Technology PLC said better-than-expected demand for its
high-capacity enterprise hard disk drives led the company to guide
for higher revenue and margins than it previously forecast.
The hard drive maker released preliminary financial information
for its first quarter, saying it expects to report revenue of $2.8
billion and adjusted gross margin of about 29%. The company had
expected $2.7 billion in revenue and adjusted gross margin of at
least 27%.
Analysts polled by Thomson Reuters had expected $2.74 billion in
revenue.
The company also said that cost-cutting measures continued to
progress as planned operating expenses are expected to increase
from the previous quarter.
Seagate will report its full results next Wednesday.
Shares fell 0.8% in premarket trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
October 11, 2016 10:05 ET (14:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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