Seagate raises financial estimates

— 2:51 PM on August 29, 2007

Seagate has raised revenue and profit estimates for this quarter. The company had previously anticipated revenues between $2.9 and $3 billion, but it has adjusted that range up to between $3.15 and $3.25 billion. On the profits front, Seagate expects a GAAP-diluted earnings per share of $0.57 to $0.61.

According to Seagate, this improved financial outlook comes courtesy of strong demand, favorable pricing, and a "better product mix." That mix doesn't yet include a terabyte-capacity hard drive, though. Earlier this year we learned that Seagate planned to introduce a terabyte drive in the first half of 2007. However, the first half of the year has come and gone with Hitachi's Deskstar 7K1000 still the only terabyte drive you can buy. Samsung and Western Digital have already announced terabyte drives, as well, creating the possibility that Seagate may be last to the party.

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