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Top related persons:
Dave Mosley - 1 Aditya Soni - 1 Arun Koyyur - 1
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China Bengaluru
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Seagate Technology - 1 Seagate - 1 Thomson - 1

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☆ Seagate forecast disappoints on China weakness, weak enterprise spending
  + stars: | 2023-07-26 | by ( ) www.reuters.com   time to read: +1 min
July 26 (Reuters) - Seagate Technology (STX.O) forecast first-quarter revenue below market estimates on Wednesday on weakness in major market China and lower tech spending by businesses worried about an uncertain economy. The midpoint of that was below the analysts' estimate of $1.74 billion, according to Refinitiv data. The "performance reflected the uneven pace of economic recovery in China, cloud inventory digestion, and cautious enterprise spending amid the uncertain macroeconomic environment," CEO Dave Mosley said. In the quarter to June 30, Seagate's revenue sank by nearly 40% to $1.60 billion, missing estimates of $1.68 billion. The company's gross margin shrank to 19% from 28.9% a year ago as an oversupply of data storage equipment weighed on prices.
Persons: Dave Mosley, Aditya Soni, Arun Koyyur Organizations: Seagate Technology, Seagate, Thomson Locations: China, Bengaluru
☆ Seagate hit with $300 million penalty for continuing $1 billion relationship with blacklisted firm Huawei, despite U.S. export controls
  + stars: | 2023-04-20 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +3 min
Computer storage company Seagate will pay a $300 million penalty for allegedly continuing an unauthorized $1.1 billion relationship with Chinese technology firm Huawei after the company was added to a U.S. trade blacklist in 2020. Seagate shipped over 7.4 million HDDs to Huawei from Aug. 2020 to Sept. 2021, federal regulators said. Neither Huawei nor Seagate made an apparent effort to hide their relationship, according to federal charging documents. Those lines of credit allowed Huawei to order an "increasing volume" of HDDs, federal regulators said, that Huawei wouldn't have been able to pay for otherwise. Even after export controls were imposed, a senior Seagate executive publicly justified the continued relationship with Huawei, regulators alleged.
☆ Stocks making the biggest moves midday: Tesla, IBM, American Express, AT&T and more
  + stars: | 2023-04-20 | by ( Alex Harring | ) www.cnbc.com   time to read: +6 min
American Express posted earnings per share of $2.40 for the first quarter, below an estimate of $2.66, per Refinitiv. On Wednesday, the casino and resort company posted a beat on first-quarter earnings. The decline comes a day after Zions missed earnings expectations in the first quarter. The company posted earnings of $2.73 per share on revenue of $7.97 billion. The downgrade comes ahead of the defense firm's first quarter earnings report, which is set to release April 25.
☆ Seagate will cut 3,000 employees in latest sign of major PC and cloud slowdown
  + stars: | 2022-10-26 | by ( Kif Leswing | ) www.cnbc.com   time to read: +2 min
The restructuring plan was announced after Seagate reported fiscal first-quarter earnings that missed Wall Street expectations for revenue and earnings per share. Seagate's layoffs and lower demand are the latest sign that demand for PCs and cloud servers is deteriorating after two boom years driven by the pandemic. On Tuesday, Microsoft , which makes the operating system for most PCs, reported that Windows licensing sales dropped 15% on an annual basis. Seagate reported adjusted fiscal first-quarter earnings of 48 cents per share on Wednesday, significantly below FactSet consensus expectations of 71 cents per share. Seagate said it expected $1.85 billion in revenue in the current quarter, under FactSet expectations of $2.12 billion.
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