Seagate lowers Q2 projections; gross margin, revenue drop

Seagate has lowered its financial projections for Q2 2015, which ended July 3. The company expects $2.9 billion in revenue, down from earlier guidance of $3.2 billion to $3.3 billion. Non-GAAP gross margin is also expected to be lower than previously projected at 27%, down from 28.5%. Operating expenses are expected to be $530 million, $20 million lower than earlier forecasts of $555 million.

The company cites lower-than-expected demand as the key reason for the lowered forecast. Over the past quarter, Seagate says it shipped 45 million units, and estimates that it holds a …

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