In spite of the disk drive market doing good Scotts Valley's Seagate Technology reported a sharp fall in revenues and net income for the company's December quarter.

The net income of second quarter of the fiscal for Seagate was one hundred and fifty million dollars, or thirty one cents diluted earnings per share compared to five hundred and thirty three million dollars or one dollar and three cents diluted earnings per share, as reported by the company on Wednesday.

Revenues dropped from about three billion and thirty million dollars from a year ago in the month of December quarter to hit two billion and seventy two million dollars.

Both October and November remained fairly strong months for Seagate but the market got sluggish in early December, mainly in the Asia Pacific region. Enterprise sales rose but mobile drives declined by twelve percent on year-over-year and desktop drives saw a downfall of eight percent on year-over-year basis.

Drives for consumer electronic applications and Seagate branded retail products saw an eighteen percent and twenty one percent rises from the earlier year.

Steve Luczo, the chief executive officer of the firm stated that It is still too early to see when and if consumer demand will go up in this year, Addressing a conference call with analysts, Luczo stated that it was a function of the overall economic environment. The corporate PC market and the enterprise markets are gaining speed and may accelerate.

He went on to say that it is difficult to foretell in January what 2011 will look like in the existing dynamics at the macro level that are still present in the world.