Marvell Technology Shares Fall on Lower-Than-Expected Sales
The semiconductor giant booked lower quarterly sales for its second quarter than most analysts expected.
Shares of Marvell Technology (MRVL) - Get Report were down Tuesday after the chip maker booked lower-than-expected sales for its second quarter and issued disappointing earnings guidance. Marvell said sales dropped 12 percent to $626 million from the same period last year. that was short of analysts' estimates. Meanwhile, earnings of $0.18 a share topped analysts' forecasts by seven cents a share. For the third quarter, Marvell now expects earnings a share in the range of $0.08 to $0.13 a share, below Wall Street expectations of about $0.14 a share.
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