Marvell Plunges After Forecast Trails Analysts’ Estimates
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Marvell Technology Group Ltd., the maker of processors for the BlackBerry phone, fell 11 percent in Nasdaq Stock Market trading after predicting sales for its current quarter that fell short of analysts’ estimates.
Revenue for the quarter ending in April will be $800 million to $850 million, said Clyde Hosein, the Santa Clara, California-based company’s chief financial officer, on a conference call yesterday. Analysts had estimated $882.5 million, according to a Bloomberg survey.