Seagate Technology Cuts Q4 Revenue Outlook - Quick Facts

(RTTNews) - Seagate Technology plc. (STX) said that it cut its revenue outlook for fourth quarter of 2015, citing lower than expected intra-quarter demand.

The company now expects to report revenue of about $2.9 billion for the fiscal fourth quarter 2015, compared to its previously forecasted range for fiscal fourth quarter of revenue of $3.2 billion to $3.3 billion. Analysts polled by Thomson Reuters expect the company to revenues of $3.19 billion for the fourth-quarter. Analysts' estimates typically exclude special items.

The company now expects non-GAAP gross margin of approximately 27.0% for the fiscal fourth quarter 2015, compared to previously forecasted range for fiscal fourth quarter of non-GAAP gross margin of approximately 28.5%.

Non-GAAP operating expenses for the quarter are expected to be approximately $530 million, below previously forecasted non-GAAP operating expenses of approximately $555 million.

It expects to report unit shipments for the fiscal fourth quarter of approximately 45 million, maintaining approximately 40% market share and reflecting approximately 52 exabytes. Cash, cash equivalents, restricted cash and short term investments totaled approximately $2.5 billion at the end of the quarter.