I read the report and you are right, revenues are behind estimates by $100 mm. They did earn ever so slightly more than estimates so I guess you could say that this report is a meet on balance. Isn't all of the Thailand news the key, however?
STX's reports are that their plants are not damaged and that they expect production delays only from component parts. In contrast, for example, WDC's plants are damaged and may take several quarters to re-establish production. If those two facts are correct, doesn't STX's business take off this quarter? I don't know whether they guide but under such a set of circumstances you could see how unit production could easily rise 10% or more on the misfortune of others.
Also, in general, I'm not a giant fan of stock buybacks but the program in place here does make sense. They bought in, if I read the report correctly, something like 4% of the stock last quarter. Given that the market prices the stock at less than 10X earnings and a lot less on an EBITDA basis, that makes sense to me.