Shebly Seyrafi

VMware Inc. abruptly replaced co-founder Diane Greene as chief executive Tuesday and lowered its sales outlook, triggering alarms that pounded the business software maker's shares to their lowest depths since the company's lucrative public offering 11 months ago.

Former Microsoft Corp. executive Paul Maritz took over as VMware's new leader. In the past few months, Maritz had been running a division of VMware's controlling shareholder, data storage specialist EMC Corp.

Hard-drive maker Seagate Technology's third-quarter profit jumped 62 percent from a year ago, but the company missed revenue forecasts and acknowledged weakness in sales of drives used in notebook computers.

In the quarter ending March 28, Seagate earned $344 million, or 65 cents per share, compared with $212 million, or 37 cents a share, in the same period a year ago. Revenue grew 10 percent to $3.1 billion from $2.8 billion last year.