Seagate shares dive on lowered guidance

Fabrice Coffrini | AFP | Getty Images

Seagate Technology's stock struggled Thursday, closing down 20 percent, after the company lowered its guidance for the April-ending quarter.

The data storage company said it expects revenue of $2.6 billion and adjusted gross margins of 23 percent for the quarter. Earlier, the firm forecast revenue of about $2.7 billion and margins of 25.6 percent.

Seagate said it dropped its guidance because of falling demand in China and also blamed its decision to largely ignore the low-capacity notebook market.

The company's stock is down 26 percent this year and more than 51 percent in the past 12 months.

Seagate shares in last 12 months

— Reuters contributed to this report