New York, Sept. 1, (dpa/GNA) - US data storage company Seagate Technology Holdings plc lowered its earnings outlook for the first quarter of 2023 on Wednesday.
Seagate’s shares were down on Wednesday morning’s trading after the company lowered its business outlook for the quarter, 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 earlier guidance range of $2.5 billion, plus or minus $150 million.
On average, 10 analysts polled by Thomson Reuters expect the company to post revenues of $2.52 billion for the first quarter.
Currently at $66.43, the stock has traded between $65.10 and $117.67 during the past 52 weeks.
GNA