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Seagate forecast disappoints on China weakness, weak enterprise spending

News Snapshot:

July 26 (Reuters) – Seagate Technology (STX.O) forecast first-quarter revenue below market estimates on Wednesday on weakness in major market China and lower tech spending by businesses worried about an uncertain economy. The company, one of the biggest makers of computer hard drives, said it expected current-quarter revenue to be $1.55 billion, plus or minus $150 million. The midpoint of that was below the analysts' estimate of $1.74 billion, according to Refinitiv data. Seagate also missed expectations for fourth-quarter revenue. The "performance reflected the uneven pace of economic recovery in China, cloud inventory digestion, and cautious enterprise spending amid the…

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