(Reuters) -Seagate Technology Holdings lowered its first-quarter revenue expectations on Wednesday, citing an economic slowdown in certain Asian markets and declining orders from enterprise customers for its data storage products.
The California-based company now expects revenue of $2.1 billion plus or minus $100 million, compared with a midpoint of $2.5 billion for its previous forecast range.
“Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions,” Chief Executive Dave Mosley said.
He added that the company was also reducing output, lowering expenses and moderating its fiscal 2023 capital investments.
(Reporting by Akash Sriram in Bengaluru; Editing by Aditya Soni)
