Marvell Technology Shares Slid 2.9% in Premarket Trading

Tiger Newspress2022-08-26

Marvell Technology Inc., a maker of chips for data centers, networking and other equipment, fell in premarket 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.

Like many chipmakers, Marvell has struggled with supply shortages, hampering its ability to ship products. But the industry is now also contending with a slowdown in technology spending, spurred by inflation and a more sluggish economy. That’s sent shares of Marvell and its chip peers tumbling in 2022.

The stock fell as much as 2.9% in premarket trading. Marvell was down 37% this year through Thursday’s close.

Chief Executive Officer Matt Murphy said that the supply situation is improving, and that should boost sales by the fourth quarter.

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Slee49
2022-08-26
Slee49
OK
chtee
2022-08-26
chtee
Marvel !!

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