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  4. Seagate Lowers FQ1 Outlook to Reflect a 'Worsening Macroeconomic Backdrop'
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Seagate Lowers FQ1 Outlook to Reflect a 'Worsening Macroeconomic Backdrop'

By Senad Karaahmetovic Seagate Technology (NASDAQ:STX) announced today that it is slashing its outlook for its fiscal first quarter as it continues to operate in “a worsening...
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Seagate Lowers FQ1 Outlook to Reflect a 'Worsening Macroeconomic Backdrop' © Reuters. Seagate (STX) Lowers FQ1 Outlook to Reflect a 'Worsening Macroeconomic Backdrop'

By Senad Karaahmetovic

Seagate Technology (NASDAQ:STX) announced today that it is slashing its outlook for its fiscal first quarter as it continues to operate in “a worsening macro-economic” environment. Shares are down 6% in premarket Wednesday.

Seagate now forecasts revenue in the range of $2 billion to $2.2 billion, which is down from the prior outlook of $2.35 billion to $2.65 billion. The average analyst estimate is $2.52 billion.

The profit outlook is also in danger with STX previously guiding for $1.20 per share, while the Street consensus is at $1.40.

“Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions. We have also seen more cautious buying behavior among global Enterprise / OEM and certain U.S. cloud customers amid ongoing macro-economic uncertainties. These external factors are impacting near-term mass capacity demand while continuing to weigh on the consumer centric legacy markets,” said Dave Mosley, Seagate’s chief executive officer.

Vital Knowledge analysts said the warning from STX isn’t “shocking given what HPQ and DELL have said in recent days.”

Still, the guide down suggests “pockets of tech are encountering even worse demand and means certain firms (like INTC, WDC, MU, etc.) may be forced to lower their guidance even further.”

Shares of Western Digital , Seagate’s direct rival in the storage sector, are also down over 4% in early Wednesday trading.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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GBP/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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