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Seagate Technology (NASDAQ:STX) shares plunged over 10% after-hours Thursday after posting a fourth-quarter earnings miss and lowering its outlook for the current quarter.
The storage solutions provider reported Q4 EPS of $1.59 coming in worse than the consensus estimate of $1.90. Revenue was $2.63 billion, missing the consensus estimate of $2.8 billion.
According to Dave Mosley, the company’s CEO, macro-related challenges are continuing to impact the September quarter. As a result, the company is reducing its production plans to maintain supply discipline.
The company expects Q1/23 EPS to be in the range of $1.20-$1.60, compared to the consensus of $2.27, and revenue in the range of $2.35-2.65 billion, compared to the consensus of $3.03 billion.
