Seagate Drops After ‘Economic Conditions’ Blamed for Weak Forecast

Seagate Technology Holdings Plc, the biggest maker of computer hard drives, gave a weak forecast for the current period citing “weakening global economic conditions,” sending the stock down more than 10%.

Revenue in the current period will be as low as $2.35 billion, Seagate said in a statement Thursday. That compares with an average analyst projection of $3 billion. Excluding certain items, profit will be about $1.40 a share, well short of the average estimate of $2.27.