Seagate Technology (STX) early Wednesday reported fiscal first-quarter results that missed estimates on earnings and said it will cut its workforce by 8%. STX stock plunged on the news.

The disk drive manufacturer reported adjusted earnings of 48 cents a share on revenue of  $2.04. billion. Analysts expected Seagate to report adjusted earnings of 71 cents on revenue of $2.1 billion.

Seagate also announced plans to cut its workforce by 8% to approximately 3,000 employees, along with other cost-saving measures, the company said in the Seagate earnings release.

STX stock dropped 8.6% to 53 during premarket action on the stock market today.

“Global economic uncertainties and broad-based customer inventory corrections worsened in the latter stages of the September quarter, and these dynamics are reflected in both near-term industry demand and Seagate’s financial performance,” Seagate Chief Executive Dave Mosley said in a written statement.

Mosely went on to say: “We have taken quick and decisive actions to respond to current market conditions and enhance long-term profitability, including adjusting our production output and annual capital expenditure plans, and announcing a restructuring plan that will deliver meaningful cost savings while maintaining investments in the mass capacity solutions driving our future growth.”

Seagate competitor Western Digital (WDC) reports earnings Thursday morning. STX stock is down more than 48% for 2022 through Wednesday’s close.

More to follow.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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