Seagate reports Q3 EPS (28c), consensus 21c

Reports Q3 revenue $1.86B, consensus $1.98B. "We are seeing a more elongated customer inventory correction that led to weaker than expected nearline demand among a few large customers late in the quarter. Consequently, our March quarter revenue came in at the low-end of our guidance range, which along with underutilization charges and other factors had a severe impact on our reported margins and profitability," said Dave Mosley, Seagate’s chief executive officer.