Shares of Seagate Technology plunged after both its recent quarter and its outlook fell short. The data storage manufacturer reported a more than 20 percent drop in revenue at $2.95 billion – just shy of forecasts and a per share non-GAAP profit of .22 for its fiscal third quarter versus the .37 expected on the Street. Seagate blamed lower demand for its storage devices especially in China. Revenue for the current quarter will be around $2.6 billion with an adjusted gross margin of 23 percent which compares with earlier guidance of $2.7 billion and gross margins of 25.6 percent.
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