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Seagate Technology (STX) Stock Stumbles Ahead of Tomorrow's Quarterly Results

NEW YORK (TheStreet) -- Seagate Technology (STX - Get Report) shares are slumping 3.48% to $37.97 on Thursday ahead of the company's first quarter fiscal 2016 earnings results due out before the market opens on Friday.

Based in Dublin, Ireland, Seagate Technology designs, manufactures, and sells electronic data storage products.

Both the company's profit and revenue are projected to drop year-over-year.

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For the latest quarter, analysts are expecting the company to earn 59 cents a share on revenue of $2.94 billion.

In the same period the year before, the company earned $1.34 a share on revenue of $3.76 billion.

Headwinds include competition from Western Digital Corp. (WD) and SanDisk Corp. (SNDK), along with global macroeconomic conditions, according to Zacks Equity Research.

Last week, the...