They actually beat on non-GAAP EPS (.44) & revenue.
But the Sept. qtr - WTF is going on? Their revenue number is OK, but they must be assuming GM of about 15%.
"Were it not for some product execution issues in the notebook and nearline markets, we believe we would have delivered an even stronger quarter and year, with improved share positions. We have now made significant strides in reclaiming our product leadership in these areas. While we expect that the residual effects of the previously missed execution will be reflected in the first quarter..."
I am very disappointed and will not be adding any STX.
Why didn't they buy back more? Because of this crap.
Their missed execution is going to be to WDC's benefit.
Their GAAP, non-GAAP thing is confusing. This was their guidnace last q: >>>> For the June quarter, Seagate expects to report revenue of $2.85 - $3.0 billion, and GAAP diluted net income per share of $0.37 - $0.41. Excluding approximately $21 million of purchased intangibles amortization and other charges associated with past closed acquisitions, non-GAAP diluted net income per share for the June quarter is expected to fall within the range of $0.41 - $0.45.
This guidance does not include the impact of any future acquisitions, stock repurchases or restructuring activities the company may undertake. >>>>
Did they change their definition of non-GAAP? Otherwise they clearly missed their own guidance.