Seagate Technology Inc is warning that it expects to report a substantial second-quarter operating loss on disappointing revenue of $1.65bn. Factoring in $250m in restructuring and other one-time charges, the net loss for the quarter should be astounding. The Scotts Valley, California storage specialist says that pricing pressures and weak demand for its disk drives led to the dire results. In October, Seagate reported a first-quarter loss of $240.2m on revenue down 8% at $1.9bn (CI No 3,270). In December, the company closed a disk drive plant in Ireland, resulting in the loss of 1,400 jobs (CI No 3,310). Full results for the second quarter are due January 20.
