Seagate and Maxtor post losses


— 12:36 PM on July 23, 2004

It seems that hard drive companies are falling on hard times. On Tuesday, Seagate announced a net loss of $33 million for Q2 2004. On Wednesday, Maxtor reported a similar loss in the amount of $26.1 million for the same time period. Ironically, Seagate had announced that it had greatly expanded its line of personal computing hard drives just last month. Now both companies have been forced to reduce their workforces in order to save on operating costs.

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