Jefferies Reiterates Buy on Seagate Technology (STX) Despite Negative 3Q Pre-Announcement
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April 13, 2016 4:45 PM EDT
CUPERTINO, 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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