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Shares of Seagate Technology sank in extended trading after the company announced disappointing demand and margins in the March quarter. The data storage company said fiscal third-quarter sales were expected to hit $2.6 billion, compared to its prior forecast of $2.7 billion.
Seagate attributed the slide to reduced demand for both enterprise and silicon products, weak demand for desktop software in China and failure to participate in the low capacity notebook market. Still, despite disruptions of its traditional business, Seagate could benefit from cloud computing long term, the CEO said in a statement.