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Seagate -6.3% AH on FQ2 miss, soft guidance; Western Digital -0.8%

Jan. 27, 2014 6:07 PM ETSeagate Technology Holdings plc (STX) StockSTX, WDC, TAMBy: Eric Jhonsa, SA News Editor
  • In addition to missing FQ2 estimates, Seagate (NASDAQ:STX) has guided on its CC for FQ3 revenue of "at least" $3.4B; that compares unfavorably with a consensus of $3.46B.
  • Seagate estimates the total addressable market (NYSE:TAM) for hard drives stood at 142M (same as Western Digital) in the December quarter, up by 2M Q/Q and 6M Y/Y. The company estimates its share was 40%, flat Q/Q but down from 43% a year ago.
  • FQ2 gross margin was 28%, flat Q/Q and up 100 bps Y/Y. $1.5B was spent on buybacks, thanks to the Samsung deal.
  • Enterprise shipments (higher-margin) +7% to 7.8M, desktops -12% to 19.2M, notebooks -2% to 16.9M, consumer electronics +20% to 6.7M, branded drives (also higher-margin) +3% to 6.2M.
  • Western Digital (NYSE:WDC) is ticking lower in sympathy with Seagate. The shoe was on the other foot last week.
  • Seagate's earnings slides

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