Cleveland Research said Seagate's total units, or TAM, for fiscal Q4 appear to have finished at 110M-115M, below guidance of 120M-125M, due to weaker than expected PC and channel demand worldwide, inventory burn down ahead of Win10 launch, SSD penetration into notebooks, and weaker than expected enterprise and hyperscale demand.
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Reports Q3 revenue $1.66B, consensus $1.68B. "Seagate's March quarter revenue grew 6% and non-GAAP EPS more than doubled over the December quarter as we benefit from improving cloud demand, our strong operating discipline and price execution. This combination sets the foundation for a return to target margin performance as the markets recover," said Dave Mosley, CEO. "This constructive demand backdrop is well-timed as we prepare to ramp our Mozaic products, anchored by industry-leading HAMR technology. HAMR-based products offer compelling economic value for our customers and position Seagate to drive further financial performance gains, as well as capitalize on favorable long-term demand for mass capacity storage."