Seagate Technology Now Expects Q1 Revenue Of Approx. $2.9 Bln - Quick Facts

(RTTNews) - Seagate Technology plc (STX) said the company expects its first quarter revenue of approximately $2.9 billion and non-GAAP gross margin of approximately 24%. The company previously forecasted first-quarter revenue of $2.9 to $3.1 billion and non-GAAP gross margin of approximately 27%.

Seagate said the difference in its non-GAAP gross margin from its forecast was driven primarily by lower than expected intra-quarter demand for the 4TB and 6TB nearline HDD products.

First-quarter cash flow from operations is expected to be approximately $800 million. Non-GAAP operating expenses are expected to be approximately $500 million, below previously forecasted non-GAAP operating expenses of approximately $515 million.

The company expects to report unit shipments for the fiscal first quarter of approximately 47 million and maintaining approximately 40% market share.