Seagate to Cut 3,000 Jobs, Faces Charge of Violating Sanctions

Seagate Technology Holdings Plc, the biggest maker of computer hard drives, said it’s eliminating about 3,000 jobs and that big buyers of technology are cutting orders on concerns the economy is worsening. The shares fell more than 10% as trading got underway in New York. They have lost more than half their value this year.

“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,” Chief Executive Officer Dave Mosley said in a statement. “We have taken quick ...