Exhibit 99.2

CONTACT:
Media Relations	Investor Relations
Diana Cartwright	Jenifer Kirtland
Maxtor Corporation	Maxtor Corporation
408-894-5951	408-324-7056

MAXTOR CORPORATION REPORTS STRONG THIRD QUARTER 2003
FINANCIAL RESULTS

Company Generates Revenue of $1.066 Billion; Net Income on a GAAP Basis
of $29.9 Million; and Non-GAAP Net Income of $50.6 Million

MILPITAS, Calif., October 21, 2003 — Maxtor Corporation (NYSE: MXO) today announced its financial results for the third quarter ended September 27, 2003. Revenue for the quarter was $1.066 billion. The Company reported net income on a GAAP basis of $29.9 million, or $0.12 per diluted share. Included in GAAP net income was a charge of $20.5 million for the amortization of intangible assets and $0.2 million in stock compensation expense. On a non-GAAP basis, excluding these charges, Maxtor reported net income of $50.6 million, or $0.20 per diluted share. In the third quarter of 2002, revenue was $819.7 million. The Company reported a net loss on a GAAP basis of $163.6 million, or $(0.68) per share. This loss was comprised of $105.5 million from continuing operations and $58.1 million from discontinued operations associated with the closure of the network attached storage (NAS) business. The loss from continuing operations included $21.2 million for the amortization of intangible assets and a charge for stock compensation primarily related to the acquisition of Quantum’s Hard Disk Drive Group in April 2001, and a $9.5 million restructuring charge associated with facilities closure. On a non-GAAP basis, excluding these charges, the loss from continuing operations was $74.8 million, or $(0.31) per share.

     “We are very pleased with the Company’s third quarter financial performance,” said Paul Tufano, president and chief executive officer. “During the quarter, we shipped a record

14.9 million hard disk drives. We exceeded the Company’s guidance for revenue and non-GAAP net income. And we continued to make progress in key market segments.”

     During the third quarter, desktop drive shipments totaled 14.2 million units. Shipments of SCSI drives increased significantly in the third quarter to 709,000 compared with 574,000 in the second quarter of 2003. Maxtor launched its second generation OneTouch external hard drive and expanded its retail presence. Also during the quarter, the company added three new DVR/PVR accounts and increased drive shipments to consumer electronics OEMs to 1,267,000.

     “As we enter the seasonally strongest quarter of the year, we look forward to continued momentum” Mr. Tufano continued. “With healthy demand in our traditional desktop and server markets, leadership in emerging markets, and our focus on cost and expense controls, we believe Maxtor is well-positioned to capitalize on the opportunities ahead.”

About Maxtor

Maxtor Corporation (www.maxtor.com) is one of the world’s leading suppliers of information storage solutions. The Company has an expansive line of storage products for desktop computers, near-line storage, high-performance Intel-based servers, and consumer electronics. Maxtor has a reputation as a proven market leader built by consistently providing high-quality products and service and support for its customers. Maxtor and its products can be found at www.maxtor.com or by calling toll-free (800) 2-MAXTOR. Maxtor is traded on the NYSE under the MXO symbol.

This release contains forward-looking statements relating to the demand for hard disk drives and Maxtor’s ability to capitalize on its opportunities. These statements are based on current expectations and are subject to risks and uncertainties which could materially affect the company’s results, including, but not limited to, market demand for hard disk drives, market acceptance of the company’s products, the company’s ability to execute future development and production ramps and utilize manufacturing assets efficiently, changes in product and customer mix, the availability of components, pricing trends, actions by competitors, international security and political stability, and general economic and industry conditions. These and other risk factors are contained in periodic reports filed with the SEC, including,

but not limited to, the Form 10-K for fiscal 2002 and recent 10-Qs. Maxtor is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Conference Call

Maxtor has scheduled a conference call for analysts and investors today October 21, 2003, at 2:30 p.m. PT to discuss the third quarter results and to provide an outlook on the fourth quarter of 2003. Financial information to be discussed on the call will be available on the Company’s website immediately prior to the commencement of the call. Additional information, including the most directly comparable GAAP financial measures to any non-GAAP financial measures discussed on the call are also posted on the Company’s website in the investor relations area under financial trends. The dial-in number for the live call is (866) 215-1938. The call will be webcast on the company’s site at www.maxtor.com. There will be a replay available shortly following the call through October 28, 2003. The dial-in number for the replay is (800) 252-6030, access code: 19488380.

MAXTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

			September 27,		December 28,
			2003		2002
ASSETS
Current assets:
	Cash and cash equivalents		$	490,766	$	306,444
	Restricted cash			40,023		56,747
	Marketable securities			43,567		87,507
	Restricted marketable securities			41,232		—
	Accounts receivable, net			493,451		363,664
	Inventories			218,384		175,545
	Prepaid expenses and other			52,417		33,438
		Total current assets		1,379,840		1,023,345
Property, plant and equipment, net				328,258		364,842
Goodwill and other intangible assets, net				899,172		960,849
Other assets				15,548		11,798
		Total assets	$	2,622,818	$	2,360,834
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Short-term borrowings, including current portion of long-term debt		$	79,487	$	41,042
	Accounts payable			688,167		642,206
	Accrued and other liabilities			453,056		471,750
	Liabilities of discontinued operations			4,242		11,646
		Total current liabilities		1,224,952		1,166,644
Deferred taxes				196,455		196,455
Long-term debt				343,201		206,343
Other liabilities				189,059		199,071
		Total liabilities		1,953,667		1,768,513
Total stockholders’ equity				669,151		592,321
		Total liabilities and stockholders’ equity	$	2,622,818	$	2,360,834

MAXTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)

			Three months ended						Nine months ended
			September 27,			September 28,			September 27,			September 28,
			2003			2002			2003			2002
Net revenues			$	1,065,531		$	819,716		$	2,915,323		$	2,741,166
Cost of revenues				883,106			762,187			2,411,805			2,510,481
Gross profit				182,425			57,529			503,518			230,685
Operating expenses:
	Research and development			88,172			94,095			259,051			301,205
	Selling, general and administrative			33,875			34,754			96,774			111,424
	Amortization of goodwill and other intangible assets			20,562			20,562			61,686			61,686
	Restructuring charge			—			9,495			—			9,495
		Total operating expenses		142,609			158,906			417,511			483,810
Income (loss) from continuing operations				39,816			(101,377	)		86,007			(253,125	)
Interest expense				(8,966	)		(7,133	)		(22,713	)		(20,241	)
Interest and other income				1,197			2,944			3,983			8,349
Other gain (loss)				(951	)		623			(863	)		2,200
Income (loss) from continuing operations before income taxes				31,096			(104,943	)		66,414			(262,817	)
Provision for income taxes				1,209			527			2,923			1,333
Income (loss) from continuing operations				29,887			(105,470	)		63,491			(264,150	)
Income (loss) from discontinued operations				—			(58,141	)		—			(73,501	)
Net income (loss)			$	29,887		$	(163,611	)	$	63,491		$	(337,651	)
Net income (loss) per share — basic
Continuing operations			$	0.12		$	(0.44	)	$	0.26		$	(1.11	)
Discontinued operations			$	—		$	(0.24	)	$	—		$	(0.31	)
Total			$	0.12		$	(0.68	)	$	0.26		$	(1.42	)
Net income (loss) per share — diluted
Continuing operations			$	0.12		$	(0.44	)	$	0.26		$	(1.11	)
Discontinued operations			$	—		$	(0.24	)	$	—		$	(0.31	)
Total			$	0.12		$	(0.68	)	$	0.26		$	(1.42	)
Shares used in per share calculation
		-basic		241,618,230			240,177,574			242,135,752			238,413,709
		-diluted		252,343,682			240,177,574			248,358,269			238,413,709

MAXTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)

			Three months ended									Three months ended
			GAAP						Non - GAAP			GAAP						Non - GAAP
			September 27,			Non - GAAP			September 27,			September 28,			Non - GAAP			September 28,
			2003			Adjustments			2003			2002			Adjustments			2002
Net revenues			$	1,065,531		$	—		$	1,065,531		$	819,716		$	—		$	819,716
Cost of revenues				883,106			(15	)(1)		883,091			762,187			(48	)(2)		762,139
Gross profit				182,425			15			182,440			57,529			48			57,577
Operating expenses:
	Research and development			88,172			(129	)(1)		88,043			94,095			(408	)(2)		93,687
	Selling, general and administrative			33,875			(48	)(1)		33,827			34,754			(144	)(2)		34,610
	Amortization of intangible assets			20,562			(20,562	)(3)		—			20,562			(20,562	)(3)		—
	Restructuring charge			—			—			—			9,495			(9,495	)(4)		—
		Total operating expenses		142,609			(20,739	)		121,870			158,906			(30,609	)		128,297
Income (loss) from operations				39,816			20,754			60,570			(101,377	)		30,657			(70,720	)
Interest expense				(8,966	)		—			(8,966	)		(7,133	)		—			(7,133	)
Interest and other income				1,197			—			1,197			2,944			—			2,944
Other gain (loss)				(951	)		—			(951	)		623			—			623
Income (loss) from continuing operations before income taxes				31,096			20,754			51,850			(104,943	)		30,657			(74,286	)
Provision for income taxes				1,209			—			1,209			527			—			527
Income (loss) from continuing operations				29,887			20,754			50,641			(105,470	)		30,657			(74,813	)
Income (loss) from discontinued operations				—			—			—			(58,141	)		—			(58,141	)
Net income (loss)				29,887			20,754			50,641			(163,611	)		30,657			(132,954	)
Net income (loss) per share — basic
Continuing operations			$	0.12					$	0.21		$	(0.44	)				$	(0.31	)
Discontinued operations			$	—					$	—		$	(0.24	)				$	(0.24	)
Total			$	0.12					$	0.21		$	(0.68	)				$	(0.55	)
Net income (loss) per share — diluted
Continuing operations			$	0.12					$	0.20		$	(0.44	)				$	(0.31	)
Discontinued operations			$	—					$	—		$	(0.24	)				$	(0.24	)
Total			$	0.12					$	0.20		$	(0.68	)				$	(0.55	)
Shares used in per share calculation
		-basic		241,618,230						241,618,230			240,177,574						240,177,574
		-diluted		252,343,682						252,343,682			240,177,574						240,177,574

(1)	Amounts reflect stock-based compensation related to the acquisition of the Quantum HDD business of $0.2 million.
(2)	Amounts reflect stock based compensation related to the acquisition of the Quantum HDD business of $0.6 million.
(3)	Amount reflects amortization of intangible assets of $20.5 million.
(4)	Amount reflects restructuring charges of $9.5 million.

MAXTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)
(Unaudited)

			Nine months ended									Nine months ended
			GAAP						Non - GAAP			GAAP						Non - GAAP
			September 27,			Non - GAAP			September 27,			September 28,			Non - GAAP			September 28,
			2003			Adjustments			2003			2002			Adjustments			2002
Net revenues			$	2,915,323		$	—		$	2,915,323		$	2,741,166		$	—		$	2,741,166
Cost of revenues				2,411,805			(57	)(1)		2,411,748			2,510,481			(490	)(2)		2,509,991
Gross profit				503,518			57			503,575			230,685			490			231,175
Operating expenses:
	Research and development			259,051			(451	)(1)		258,600			301,205			(4,164	)(2)		297,041
	Selling, general and administrative			96,774			(180	)(1)		96,594			111,424			(1,469	)(2)		109,955
	Amortization of intangible assets			61,686			(61,686	)(3)		—			61,686			(61,686	)(3)		—
	Restructuring charge			—			—			—			9,495			(9,495	)(5)		—
		Total operating expenses		417,511			(62,317	)		355,194			483,810			(76,814	)		406,996
Income (loss) from operations				86,007			62,374			148,381			(253,125	)		77,304			(175,821	)
Interest expense				(22,713	)		—			(22,713	)		(20,241	)		—			(20,241	)
Interest and other income				3,983			—			3,983			8,349			—			8,349
Other gain (loss)				(863	)		—			(863	)		2,200			—			2,200
Income (loss) from continuing operations before income taxes				66,414			62,374			128,788			(262,817	)		77,304			(185,513	)
Provision for income taxes				2,923			—			2,923			1,333			—			1,333
Income (loss) from continuing operations				63,491			62,374			125,865			(264,150	)		77,304			(186,846	)
Income (loss) from discontinued operations				—			—			—			(73,501	)		1,536	(4)		(71,965	)
Net income (loss)			$	63,491		$	62,374		$	125,865		$	(337,651	)	$	78,840		$	(258,811	)
Net income (loss) per share — basic
Continuing operations			$	0.26					$	0.52		$	(1.11	)				$	(0.79	)
Discontinued operations			$	—					$	—		$	(0.31	)				$	(0.30	)
Total			$	0.26					$	0.52		$	(1.42	)				$	(1.09	)
Net income (loss) per share — diluted
Continuing operations			$	0.26					$	0.51		$	(1.11	)				$	(0.79	)
Discontinued operations			$	—					$	—		$	(0.31	)				$	(0.30	)
Total			$	0.26					$	0.51		$	(1.42	)				$	(1.09	)
Shares used in per share calculation
		-basic		242,135,752						242,135,752			238,413,709						238,413,709
		-diluted		248,358,269						248,358,269			238,413,709						238,413,709

(1)	Amounts reflect stock-based compensation related to the acquisition of the Quantum HDD business of $0.7 million.
(2)	Amounts reflect stock based compensation related to the acquisition of the Quantum HDD business of $6.1 million.
(3)	Amount reflects amortization of intangible assets of $61.7 million.
(4)	Amount reflects amortization of intangible assets of $1.5 million from discontinued operations.
(5)	Amount reflects restructuring charges of $9.5 million.