Seagate Q3 profit lags
Tue Apr 19, 2011 6:25am EDT
(Reuters) - Seagate Technology Plc posted third-quarter profit below market expectations on lower hard-drive shipments during the quarter.
The company, separately announced a deal to buy Samsung Electronics Co's hard disk business for $1.4 billion in cash and stock, a month after rival Western Digital Corp bought Hitachi Ltd's hard drive business.
For the three month period, the hard drive disk maker reported revenue of $2.7 billion and earned 25 cents a share in profit, on an adjusted basis.
(Reporting by Himank Sharma in Bangalore; Editing by Joyjeet Das)
Credit: Reuters (www.reuters.com)
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