Seagate (STX) Warning More Important Than Snap (SNAP) Disaster - Chanos

Short seller and hedge fund manager Jim Chanos said on Twitter he thinks Seagate Technology's (NASDAQ: STX) warning after the close Thursday may be more important than Snap's (NYSE: SNAP) miss and lack of guidance.

Seagate reported Q4 EPS of $1.59, $0.31 worse than the analyst estimate of $1.90. Revenue for the quarter came in at $2.63 billion versus the consensus estimate of $2.8 billion. It sees Q1 2023 EPS of $1.20-$1.60, versus the consensus of $2.27 and revenue of $2.35-2.65 billion, versus the consensus of $3.03 billion.

Meanwhile, Snap reported Q2 EPS of ($0.02), $0.18 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $1.15 billion. The company also said they were not providing third quarter guidance.

I think the $STX warning may be more important than the $SNAP disaster.

— Diogenes (@WallStCynic) July 21, 2022

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