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Seagate: Preliminary Fiscal 4Q15 Financial Results

Lower revenue on weak demand

Seagate Technology plc announced selected preliminary financial information for its fiscal fourth quarter of 2015, which ended on July 3, 2015.

The company expects to report revenue of approximately $2.9 billion and non-GAAP gross margin of approximately 27.0% for the fiscal fourth quarter 2015.

These preliminary results compare to the company’s previously forecasted range for fiscal fourth quarter of revenue of $3.2 to $3.3 billion and non-GAAP gross margin of approximately 28.5%.

The difference was driven primarily by lower than expected intra-quarter demand.

Non-GAAP operating expenses are expected to be approximately $530 million, below previously forecasted non-GAAP operating expenses of approximately $555 million.

Seagate expects to report unit shipments for the fiscal fourth quarter of approximately 45 million, maintaining approximately 40% market share and reflecting approximately 52EB.

Cash, cash equivalents, restricted cash and short term investments totaled approximately $2.5 billion at the end of the quarter.

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