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Friday, 6 July 2012 - Seagate sees revenue below estimates |
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The company, which competes with Western Digital Corp, said shipments fell by about 1.5 million units to about 66 million for the June quarter, squeezing gross margins. Seagate expects an adjusted gross margin of 33.6 percent. The company now expects to report revenue of $4.5 billion. It had forecast $5 billion. Analysts on average were expecting revenue of $4.88 billion, according to Thomson Reuters I/B/E/S. Shares of the company were down 6 percent at $23.62 in trading after the bell. They closed at $25.08 on Thursday on the Nasdaq. (Reporting by Chandni Doulatramani in Bangalore; Editing by Don Sebastian) Tech Hot Stocks Asian Markets Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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