Advertisement
Singapore markets closed

  • Straits Times Index

    3,276.08
    -11.67 (-0.35%)
     

  • Nikkei

    37,934.76
    +306.28 (+0.81%)
     

  • Hang Seng

    17,651.15
    +366.61 (+2.12%)
     

  • FTSE 100

    8,107.39
    +28.53 (+0.35%)
     

  • Bitcoin USD

    64,400.33
    +499.18 (+0.78%)
     

  • CMC Crypto 200

    1,389.85
    -6.68 (-0.48%)
     

  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     

  • Dow

    38,085.80
    -375.12 (-0.98%)
     

  • Nasdaq

    15,611.76
    -100.99 (-0.64%)
     

  • Gold

    2,360.40
    +17.90 (+0.76%)
     

  • Crude Oil

    83.71
    +0.14 (+0.17%)
     

  • 10-Yr Bond

    4.7060
    +0.0540 (+1.16%)
     

  • FTSE Bursa Malaysia

    1,574.34
    +5.09 (+0.32%)
     

  • Jakarta Composite Index

    7,060.97
    -94.32 (-1.32%)
     

  • PSE Index

    6,628.75
    +53.87 (+0.82%)
     

Seagate profit drops 13 pct as demand for hard-disk drives falls

Reuters

REUTERS - Seagate Technology Plc (NSQ:STX) reported a 13 percent decline in quarterly profit as demand fell for its hard-disk drives due to declining personal computer sales.

Net income fell to $428 million, or $1.24 per share in the second quarter ended December 27, from $492 million, or $1.30 per share, a year earlier.

Revenue fell to $3.53 billion from $3.67 billion.

Seagate and rival Western Digital Corp (WDC.O) are tapping into the growing demand for products that help store data in the cloud and reducing their dependence on personal computer hard drives as consumers shift to smartphones and tablets.

(Reporting By Lehar Maan in Bangalore; Editing by Maju Samuel)