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Seagate misses estimates as growth slows in cloud business

28
Jan
2014

Hard-disk drive maker Seagate Technology Plc’s second-quarter results missed analysts’ estimates as growth slowed in its cloud storage business, sending its shares down 7 percent in extended trading. Weakness in the cloud business was due to long-term rollouts by some of its original-equipment manufacturer customers, with shipments down “a couple of hundred thousand units”, Chief Financial Officer Pat O’Malley told Reuters. O’Malley, who counts Google among Seagate’s customers, said cloud comprised 10-15 percent of its total revenue in the second quarter ended December 27. The finance chief said he expects the cloud business to contribute about 20 percent to the company’s total revenue by the end of the year.

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