Seagate Technology 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.
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 "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. A slow economic recovery in China from strict COVID-19 curbs has also weighed on demand in a market that analysts said accounts for nearly a third of Seagate's revenue.
The company's gross margin shrank to 19% from 28.9% a year ago as an oversupply of data storage equipment weighed on prices.
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