Marvell Technology lowers 4Q revenue guidance
SANTA CLARA, Calif. (AP) — Marvell Technology lowered its fourth-quarter revenue outlook Friday, citing Thailand flooding and weak year-end demand among mobile and wireless customers.
The company said that it now expects quarterly revenue between $735 million and $745 million, down from a prior forecast for revenue in a range of $775 million to $825 million.
Analysts polled by FactSet forecast revenue of $797.4 million.
Marvell Technology Chairman and CEO Sehat Sutardja said in a statement that the company had a better-than-expected increase in solid state-drive revenue but that it wasn’t enough to offset the pressure that the Thailand floods put on its business.
Sutardja also said that there was particular softness in year-end demand among its wireless and mobile customers in China.
But Sutardja said that Marvell Technology believes these factors should not impact its results in the new fiscal year.
The company will report its fourth-quarter and full-year financial results on Feb. 23.
Shares of Marvell Technology Group Ltd. fell 3 cents to $15.73 in early trading.
Article source: http://news.yahoo.com/marvell-technology-lowers-4q-revenue-guidance-152811273.html
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