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Seagate Technology Plunges 10% Following Q3 Guidance

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Shares of Seagate Technology PLC STX were trading lower by more than 10 percent early Thursday morning after the company reported preliminary financial information for its fiscal third quarter.

Seagate expects to record revenue of $2.6 billion, non-GAAP gross margin of 23 percent and expects to report HDD unit shipments of approximately 39 million.

Seagate previously guided its third quarter revenue to be $2.7 billion and non-GAAP gross margin of...