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Storage Technology Corp. (StorageTek) (NYSE: STK) execs say enterprise spending is declining. But a flurry of industry reports suggests that it's tape library sales that are falling off -- a view the StorageTek CEO apparently disputes.
While a bunch of storage companies experienced soft quarters lately, including StorageTek, others have done well. EMC Corp. (NYSE: EMC)
reported $1.97 billion in revenues last quarter; IBM Corp. (NYSE: IBM)
reported strong growth with its zSeries mainframe servers; and even Sun Microsystems Inc. (Nasdaq: SUNW) showed some life in storage sales. (See EMC Bucks June Swoon, IBM Posts 2Q Results, and Sun Reports Profit.)
In contrast, StorageTeks revenue of $516.6 million missed its original forecast by more than $31 million and dropped 2 percent from last year (see Storagetek Announces Q2). Its tape library revenue decreased 9 percent to $215 million, even though disk revenue increased 10 percent to $46 million.
Okay, so StorageTek will concentrate more on disk, right? Wrong. Its plan for recovery is to push its new tape libraries and hope its traditionally strong fourth quarter is better than usual this year.
In the beginning of the year there were expectations that IT spending would pick up in 2004, StorageTek CEO Pat Martin told analysts after announcing quarterly earnings Tuesday night. Clearly, this has not been the case in the first half of the year. However, we are hopeful that well see a rebound in spending in the fourth quarter.
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