Seagate (STX) Cuts Q4 Shipment Outlook on Thai Flooding

November 18, 2011 7:00 AM EST
Citing the extensive flooding in Thailand, Seagate (NYSE: STX) has lowered it's fourth-quarter HDD shipment outlook, Digitimes reports Friday.

Sources at Seagate Taiwan said the company lowered its hard disk drive shipment target to a range of 41 to 45 million units, about 10 to 18 percent sequential dip.

Though Seagate's factories in Thailand have resumed production, numbers are muted as the flooding has led to market-wide component shortages.

Seagate is now modeling for global supply of 110 to 120 million HDD's in the fourth quarter, about 33.3 to 38.9 percent of expected global demand of 180 million units.

Shares of Seagate are flat so far early Friday morning.

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