NEW YORK, NY -- (Marketwire) -- 07/10/12 -- Seagate Technology's lowered outlook last Thursday raised concerns for hard drive makers that the PC market was slowing faster than expected. Last month GeekWire reported that Rick Sherlund, analyst at Nomura Securities, in a note to clients said Gartner Inc. lowered its projected growth rate for PC shipments in 2012 to 0.9 percent from their previous forecast of 4.4 percent. Five Star Equities examines the outlook for companies in the Data Storage Devices Industry and provides equity research on Seagate Technology PLC (NASDAQ: STX) and Western Digital Corp. (NASDAQ: WDC).
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Seagate Technology last Thursday lowered their quarterly revenue to $4.5 billion, 500 million lower than their previous guidance. "Based on the macro-economic concerns indicated by a broad base of customers, we are approaching the September quarter conservatively and aligning our business for a relatively flat addressable market and modest improvements in our product mix. We are adjusting our production and inventory planning accordingly, and we expect average selling prices and margins to remain relatively stable in the September quarter," Steve Luczo, Seagate Chairman and CEO, said in a statement.
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Seagate expects to report record unit shipments for the June quarter of approximately 66 million, reflecting approximately 45 exabytes of storage capacity and maintaining approximately 42% market share. During the quarter the company paid $1.2 billion to redeem over 45 million ordinary shares and exited June with 396 million basic shares outstanding. Cash, cash equivalents, restricted cash and short term investments totaled $2.2 billion at the end of the June quarter.
Western Digital, the world's leader in external storage solutions and maker of the popular WD TV media player family, recently unveiled its first line of wireless home networking products, designed specifically to accelerate movies, video and gaming, delivering a premium high-definition entertainment experience. After a strong first quarter shares of the company have fallen over 20 percent in the last three months.
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