Seagate misses estimates as growth slows in cloud business

Tech News Headlines - Yahoo News Hard-disk drive maker Seagate Technology Plc s second-quarter results missed analysts estimates as growth slowed in its cloud storage business, sending its shares down 7 percent in extended trading. Weakness in the cloud business was due to long-term rollouts by some of its original-equipment manufacturer customers, with shipments down a couple of hundred thousand units , Chief Financial Officer Pat O Malley told Reuters. O Malley, who counts Google among Seagate s customers, said cloud comprised 10-15 percent of its total revenue in the second quarter ended December 27. The finance chief said he expects the cloud business to contribute about 20 percent to the company s total revenue by the end of the year.