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Tech Industry

Seagate reports loss

Disk-drive maker posts $33 million loss and says the industry is "still facing challenging times."

Disk-drive maker Seagate Technology on Tuesday reported a net loss of $33 million, or 7 cents per share, for the quarter ended July 2. Seagate said its revenue for the quarter was $1.34 billion, down from $1.55 billion in the year-ago quarter. Excluding restructuring costs and the associated tax impact, net income for the recent quarter would have been $4 million, Seagate said. The company, which recently announced job cuts, said the industry "is still facing challenging times" though it's "beginning to show some signs of improvement."

Disk drive companies have been taking their hits lately, with rival Maxtor also announcing a work force reduction. Seagate said challenges include longer product cycles and aggressive pricing. The company, which recently announced a slew of new products, also said it "continues to look at opportunities for further cost reductions which may result in additional restructuring activities and restructuring charges."