Seagate Technology (STX) Warns for Q4

Seagate Technology (NASDAQ: STX) announced selected preliminary financial information for its fiscal fourth quarter of 2015, which ended on July 3, 2015.

Seagate expects to report revenue of approximately $2.9 billion and non-GAAP gross margin of approximately 27.0% for the fiscal fourth quarter 2015. These preliminary results compare to the Company’s previously forecasted range for fiscal fourth quarter of revenue of $3.2 to $3.3 billion and non-GAAP gross margin of approximately 28.5%. The difference was driven primarily by lower than expected intra-quarter demand. Non-GAAP operating expenses are expected to be approximately $530 million, below previously forecasted non-GAAP operating expenses of approximately $555 million.

*** Consensus is $3.19 billion.

Seagate 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.

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