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 about $530 million, down from 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 40% market share. The company will report its Q2 2015 results on July 31 before the markets open, and it'll hold a conference call to discuss its results at 6:00 AM PT that day.