Seagate revenue drops in fiscal Q3


Seagate Technology reported financial results for the third quarter of fiscal year 2016 ended April 1.

The company reported a revenue of approximately $2.6 billion for the third quarter. During the same period last year, Seagate’s revenue was $3.33 billion.

Seagate marked a profit of $66 million, or $0.22 per share.

During the third quarter, the company generated approximately $205 million in operating cash flow and paid cash dividends of $188 million.

“Our quarterly results fell short of our expectations as a result of several near-term demand factors. Despite these challenges, we believe we have the product portfolio, technology roadmap and operational leverage to ensure we are well-positioned for long-term success,” said Steve Luczo, Seagate’s chairman and chief executive officer.

“Accordingly, we are aggressively working to position Seagate to respond to new demand levels and are committed to ongoing financial discipline.”