(Source: Associated Press/AP Online)
SCOTTS VALLEY, Calif. - Hard drive maker Seagate Technology has reported a fiscal fourth-quarter loss, reversing a year-ago profit, but says it is seeing signs of improvement in the data storage market.
Losses totaled $81 million, or 16 cents per share, down from profit of $160 million, or 32 cents per share, in the same quarter last year. Seagate says $106 million in restructuring and other charges hurt latest-quarter results by 22 cents per share.
Revenue fell 19 percent to $2.35 billion from $2.90 billion, but still topped expectations.
Analysts surveyed by Thomson Reuters had expected, on average, a loss of 10 cents per share on $2.25 billion in revenue.
Shares rose 16 cents to close at $11.20 Tuesday before the earnings were announced.
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