Seagate Technology has reported a net loss for the second fiscal quarter, pinning the blame on increased competition in the disk drive industry.
Surprising no one, Seagate reported a net loss of $183.2 million for the three-month period ended 2 January, in contrast to a profit of $212.6 million a year ago. Revenue fell by 30 per cent to $1.67 billion.
Shares in the company were at 75 cents a share, down from 94 cents a year earlier. Restructuring charges of $205.5 million exacerbated the fall in share prices, company officials said.
The losses are broadly in line with analysts? predictions. Last week, Seagate - the largest independent maker of disk drives - announced plans to axe 10,000 jobs in response to competition in the high end storage market, particularly from relative newcomers such as Quantum and Western Digital. The high end market accounts for around half of the company?s revenue.
The 10,000 job losses are expected to largely fall in Asian countries, where Seagate produces most of its products.
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