Seagate Technology (NASDAQ:STX) Holdings plc, a leading electronic storage manufacturer, reported a fiscal first quarter loss of $184 million or 88 cents per share on Thursday. The company's adjusted losses were at 22 cents per share, failing to meet the expectations of six analysts from Zacks Investment Research who had predicted a loss of 20 cents per share. Seagate's revenue for the quarter stood at $1.45 billion, falling short of the forecasted $1.49 billion by four analysts.
In comparison to the previous year's first quarter, the company's performance marked a significant shift. Last year, Seagate reported a profit of $29 million and an earnings per share (EPS) of 14 cents. The revenue for the same period was notably higher at $2.04 billion.
Looking ahead to the second fiscal quarter ending in December, Seagate provided a forecast that varied from a loss of 30 cents per share to earnings of 10 cents per share. This projection conflicts with the consensus of 18 analysts predicting a smaller loss of one cent per share for Q2. Additionally, the company's revenue guidance for Q2 ranges between $1.4 billion and $1.7 billion, which is lower than the average analyst forecast of $1.61 billion and significantly undercuts the anticipated revenue of $2.32 billion.
These recent financial results and future projections reflect a challenging period for Seagate Technology Holdings as it navigates market conditions and strives to meet analysts' expectations in the coming quarters.
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