Seagate Technology announced some of the preliminary financial information for its third quarter that ended on April 1, 2016. Seagate now expects to report a revenue of approximately $2.6 billion instead of their forecast of approximately $2.7 billion. While this isn’t good news, Seagate is also expecting to report non-GAAP gross margin of approximately 23% as opposed to their forecast of non-GAAP gross margin of approximately 25.6%.
Image courtesy Yahoo Finance
Unsurprisingly Seagate’s stock (NASDAQ: STX) took a pummeling after the announcement, dropping roughly six points. As of this writing Seagate’s stock is hovering around its YTD low. Seagate points to the reduced demand for enterprise HDDs and desktop client products, primarily in China, for its revenue and gross margin adjustments. Seagate also decided to not aggressively participate in the low capacity notebook market. On a brighter note for the company, it is seeing stronger than expected demand for its 8TB Nearline products.
Veeam Software has announced the upcoming introduction of Proxmox Virtual Environment (VE) support, responding to strong demand from its SMB…
The IBM Power S1012 is the portfolio's edge-level server. It is a one-socket, half-wide, Power10 processor-based system for edge computing…
NetApp has announced the AIPod with Lenovo ThinkSystem servers for NVIDIA OVX, a new converged infrastructure optimized for the generative…
NetApp has unveiled its latest AFF A-Series systems, designed to handle demanding IT workloads like GenAI, VMware, and enterprise databases.…
Dell Technologies has unveiled enhancements to its server lineup with the introduction of the PowerEdge R670 and R770 CSP (Cloud…
CoolIT Systems, a leader in liquid cooling solutions, has unveiled OMNI All-Metal Coldplates featuring advanced Split-Flow technology. The development of…