Needham & Company Cuts Price Target on Seagate Technology (STX) Following Negative Preliminary 3Q Results
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Seagate Technology Announces Preliminary Financial Information for Fiscal Third Quarter 2016
April 13, 2016 4:45 PM EDTCUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ: STX), a world leader in storage solutions, today announced selected preliminary financial information for its fiscal third quarter of 2016, which ended on April 1, 2016.
Seagate expects to report revenue of approximately $2.6 billion and non-GAAP gross margin of approximately 23% for the fiscal third quarter 2016. The Company expects to report HDD unit shipments of approximately 39 million, representing approximately 40% market share.
These preliminary results compare to the Companys previous forecast for fiscal third quarter 2016 of revenue of approximately $2.7 billion and non-GAAP gross margin of approximately 25.6%.
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