July 20, 2004 4:13 PM PDT
Seagate reports loss
Disk-drive maker Seagate Technology on Tuesday reported a net loss of $33 million, or 7 cents per share, for the quarter ended July 2. Seagate said its revenue for the quarter was $1.34 billion, down from $1.55 billion in the year-ago quarter. Excluding restructuring costs and the associated tax impact, net income for the recent quarter would have been $4 million, Seagate said. The company, which recently announced job cuts, said the industry "is still facing challenging times" though it's "beginning to show some signs of improvement."
Disk drive companies have been taking their hits lately, with rival Maxtor also announcing a work force reduction. Seagate said challenges include longer product cycles and aggressive pricing. The company, which recently announced a slew of new products, also said it "continues to look at opportunities for further cost reductions which may result in additional restructuring activities and restructuring charges."
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- The worst is over
- Storage is seasonal, and it's about to become buying time. With the new products coming out, it's time to watch the stock gain some ground. Executives handled this well, letting the market know what was happening weeks ago.
- Reply to this comment
- The worst is over
- Storage is seasonal, and it's about to become buying time. With the new products coming out, it's time to watch the stock gain some ground. Executives handled this well, letting the market know what was happening weeks ago.
- Reply to this comment
