• 24
  • 2
  • Favorite

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment2

  • Slee49
    ·2022-08-26
    OK
    Reply
    Report
  • chtee
    ·2022-08-26
    Marvel !!
    Reply
    Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial