Marvell Technology Slides on Weaker-Than-Expected Sales Forecast
A Marvell Technology Inc. Alaska chip.
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Marvell Technology Inc., a maker of chips for data centers, networking and other equipment, fell in late trading after a weaker-than-expected sales forecast fueled concerns about a slowdown in the semiconductor industry.
Revenue in the fiscal third quarter will be about $1.56 billion, the company said Thursday. That compares with an average analyst estimate of $1.58 billion. Marvell expects earnings of roughly 59 cents, excluding some items, just short of the 60-cent projection.