{"id":20409,"date":"2017-01-25T10:53:45","date_gmt":"2017-01-25T10:53:45","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=20409"},"modified":"2017-01-25T10:53:45","modified_gmt":"2017-01-25T10:53:45","slug":"seagate-forecasts-third-quarter-revenue-estimates","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/seagate-forecasts-third-quarter-revenue-estimates.html","title":{"rendered":"Seagate forecasts third-quarter revenue above estimates"},"content":{"rendered":"<div align=\"Justify\">\n<h2><span style=\"font-size: 18pt;\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif; color: #000000;\">Seagate forecasts third-quarter revenue above estimates<\/span><\/strong><\/span><\/h2>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Hard-disk drive maker Seagate Technology Plc forecast current-quarter revenue above estimates, buoyed by strong demand for its cloud-based storage products.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Shares of the company, which also posted higher-than-expected second quarter profit and revenue, soared 13.7 percent to $42.56 in after-market trading on Tuesday.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Seagate has been focusing on cloud-based products as businesses cut spending on traditional storage systems.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">&#8220;From a macro perspective, we remain cautiously optimistic about the current macroeconomic environment and IT spending trends,&#8221; Chief Executive Officer Steve Luczo said on a post-earnings conference call.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">The company forecast third quarter revenue of about $2.7 billion, above estimates of $2.61 billion, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Seagate also said it expects to achieve revenue growth this year with a profit of at least $4.50 per share.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">The company said in July it would cut about 6,500 jobs, or 14 percent of its workforce, by the end of fiscal 2017, as part of a major restructuring.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Seagate also said earlier this month that it plans to shut its Suzhou factory in China.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">The company&#8217;s net income rose to $297 million, or $1 per share, in the second quarter ended Dec. 30, from $165 million, or 55 cents per share.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Excluding items, the company earned $1.38 per share, beating the average analysts&#8217; estimate of $1.08 per share, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Revenue fell 3.1 percent to $2.89 billion, but beat the average estimate of $2.82 billion.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif; color: #000000;\">Rival Western Digital Corp will report its second-quarter results on Wednesday.<\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: Arial, Helvetica, sans-serif;\">Source:-\u00a0http:\/\/www.reuters.com\/article\/us-seagate-tech-results-idUSKBN1582S0<\/span><\/div>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/technology\/seagate-forecasts-third-quarter-revenue-estimates.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Seagate forecasts third-quarter revenue above estimates Hard-disk drive maker Seagate Technology Plc forecast current-quarter revenue above estimates, buoyed by strong demand for its cloud-based storage products. Shares of the company, which also posted higher-than-expected second quarter profit and revenue, soared 13.7 percent to $42.56 in after-market trading on Tuesday. Seagate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[12518,12444,12517,12515,12516,6411,547],"class_list":["post-20409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-results","tag-results-forecasts","tag-seagate","tag-seagate-forecasts-third-quarter-revenue-above-estimates","tag-steve-luczo","tag-tech","tag-us"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/20409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=20409"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/20409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/20410"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=20409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=20409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=20409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}