Hard disk drive manufacturer Seagate Technology has posted financial results for the third quarter of 2009 with revenue down 31% at $2.15 billion.
The company reported a net loss of $273m for the third quarter 2009 compared to a net income of $344m in the year-ago quarter.
It made an operating loss of $258m compared to income of $363m in the same period last year. Diluted net loss per share was $0.56 compared to diluted EPS of $0.65 a year ago.
For the nine-month period, the company reported a net loss of $3 billion compared to net income of $1.1 billion a year ago, on revenue down 24% at $7.45 billion.
Steve Luczo, chairman and chief executive at Seagate, said: I am encouraged by the progress we are making in improving our operational performance. As a result, assuming a relatively stable business environment, we believe we can improve margins and reach profitability within fiscal year 2010.
Looking ahead to the fourth quarter, the company expects revenue to be approximately $1.9 billion to $2.2 billion and net loss per share between $0.37 and $0.47.