On Aug. 31, 2022, Seagate abruptly cut its Q1 2023 guidance again as it expects revenues to come in between $2 billion to $2.2 billion, down from its (lowered) $2.35 billion to $2.65 billion, which was lowered from the original $3 billion estimates. It expects EPS to fall "meaningfully below" it's already reduced $1.20, which was reduced earlier from $2.21, just five weeks earlier on its Q4 2022 earnings call. Seagate CEO David Mosley commented that the industry was negative impacted by a series of dynamic market conditions including weaker economic trends in Asian regions putting pressure on inventories and supply chains and more tepid buying behavior among U.S. cloud-based business and international companies. It's immediately cutting costs and reducing production output to mitigate further damage. This warning came three weeks after key competitor Western Digital issued its guidance cut.