Seagate slashes forecast as economic slowdown hits orders

Seagate Technology Holdings lowered its first-quarter earnings expectations on Wednesday as an economic slowdown hits orders for its data storage products from certain Asian markets and enterprise customers.

Demand for hard disks and server storage products has dried up this year as decades-high inflation pressures the budgets of consumers and companies, ending the industry’s pandemic boom.

“Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions,” said Chief Executive Officer Dave Mosley.