Simply put, you can't change a company without changing its management - Andy Grove - Only the Paranoid Survive
STORAGE VENDOR Seagate has released its preliminary financial results and expects a strong start to the year.
The firm shipped around 47 million hard drives of which roughly 700,000 were Samsung drives. For the quarter ending on 30 December it predicts revenue to come in between $3.1bn and $3.2bn.
This is better than the $2.8bn expected and is down to "the company's outstanding operational performance and overall strong execution", said Steve Luczo, CEO and chairman of Seagate.
"Due to our best-in-class operations, diversified supply-chain and differentiated manufacturing footprint, we continuously optimized our builds for customers during the quarter," he added.
Seagate acquired Samsung's hard drive business last year in a deal that was closed on 19 December. Without including acquisition related charges the company said it expects gross margin on revenue to be at least 30.5 per cent.
Looking at the year ahead, Seagate believes that demand for hard drives will exceed supply. It predicts higher revenue than in the last quarter of 2011 for the first quarter of 2012, at between $4.2bn and $4.5bn.
These positive numbers and outlook come after devastating flooding in Thailand threatened the supply chains. Seagate said it will release its full results at the end of the month. µ
Sign up for INQbot – a weekly roundup of the best from the INQ