The title is misleading!
This is a sign of the 21st century! In actuality Seagate did not lose $3B! They failed to make the additional $3B PROJECTED by their financial forecast! Of course by saying "We didn't meet our forecast", they won't qualify for any bail-out loans!
25-30 years ago corporations did not have a position called Chief Financial Officer (CFO). The position was called Comptroller or head accountant. Technology and computers gave rise to the EVIL spreadsheet where accountants could play "what if" games with the financials, thus providing the push to include them in the coroporate management structure with a "Chief" title.
Business plans are issued on these "what ifs" and they never account for the social dynamics of human interaction. So last July Seagate issued a glorious forcast stating that Seagate would make $12.89B in revenue for the fiscal year. Now 12 months later, the sad truth is they only made $9.08B in revenues. The $3.09B shortfall wasn't LOST, it just wasn't achieved!
I am getting a little disgusted with all the reporting of how companies losing billions but continue to stay in business! In reality these companies are making a profit, just not the expected profit! Its the REPORTING in the media that sensationalizes the shortfall into a loss.
Next time how about the truth where is hurts:
Seagate Fumbles in Reaching Financial GOAL!
Today Seagate reported that it failed to reach the annual financial forcast of $12.89B in revenues. Financial reporting showed that projections were missed by $3.09B due to worlwide economic slowdowns, mis-management or just missing the boat and failing to make products people really wanted!
Stop pandering to the corporate world and tell it like it really is!