Seagate Technology Reports Disappointing 4Q Results, Announces a New CEO; Lowering FVE to $38
Seagate reported fiscal fourth-quarter results that missed our expectations, while announcing a new CEO and restructuring plan. The revenue shortfall stemmed from weakness in enterprise HDD and China cloud service provider demand, in addition to supply-chain-related issues. Management views some of the underlying factors that led to the miss as temporary, though we reiterate our concern of the secular decline in PCs with HDDs and shift from HDDs to SSDs. While high-capacity HDDs have gained trac...
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