A report from SIlicon Valley news on the MRVL results released yesterday evening. I think MRVL is a bellweather for chip makers outside the Apple glow. It is clear that there is a slowdown all over the globe as FUD takes over global consumers who seem to be battered from all sides. Today the Finns a stout and robust citizenship who fought the Russian army to a standstill in WW2, have said the the Euro must fall as they are not willing to give up more sovereignty. Yet the EU needs more power to counter attacks on bonds by speculators. Hard times.
SAN FRANCISCO—Chip vendor Marvell Technology Group Ltd. Thursday (Aug. 16) reported sales for the quarter ended July 28 that came up short of analysts' expectations. Company executives, who cited macroeconomic sluggishness and lower demand for its smartphone chips from major customers, also provided a sales target for the current quarter that disappointed analysts.
"Our business was impacted by the slowing macroeconomic environment starting in the middle of the quarter," said Sehat Sutardja, Marvell's chairman, president and CEO, in a conference call with analysts following the company's quarterly report.
Sutardja said Marvell's fiscal second quarter sales were also hurt by lower chip demand from North American and Chinese smartphone vendors and by slowing PC sales.
"While we faced unexpected demand headwinds in Q2, we continued to deliver growth in our storage and networking end markets through share gains and new product ramps," Sutardja said.
Marvell (Santa Clara, Calif.) reported sales of $816 million for its fiscal second quarter, up 2 percent compared with the previous quarter and up 9 percent compared with the year-ago quarter. Marvell reported a net income in accordance with generally accepted accounting principles (GAAP) or $95 million, or 16 cents per share, down 2 percent from the previous quarter and down 52 percent compared to the year-ago quarter.
On a non-GAAP basis, excluding charges, Marvell reported a net income of $142 million, or 24 cents per share, up 2 percent from the previous quarter and up 39 percent from the year-ago quarter.
Marvell's results came in below consensus analysts' expectations, which called for sales of $852.7 million and non-GAAP earnings of 26 cents per share, according to Yahoo Finance.
SAN FRANCISCO—Chip vendor Marvell Technology Group Ltd. Thursday (Aug. 16) reported sales for the quarter ended July 28 that came up short of analysts' expectations. Company executives, who cited macroeconomic sluggishness and lower demand for its smartphone chips from major customers, also provided a sales target for the current quarter that disappointed analysts.
"Our business was impacted by the slowing macroeconomic environment starting in the middle of the quarter," said Sehat Sutardja, Marvell's chairman, president and CEO, in a conference call with analysts following the company's quarterly report.
Sutardja said Marvell's fiscal second quarter sales were also hurt by lower chip demand from North American and Chinese smartphone vendors and by slowing PC sales.
"While we faced unexpected demand headwinds in Q2, we continued to deliver growth in our storage and networking end markets through share gains and new product ramps," Sutardja said.
Marvell (Santa Clara, Calif.) reported sales of $816 million for its fiscal second quarter, up 2 percent compared with the previous quarter and up 9 percent compared with the year-ago quarter. Marvell reported a net income in accordance with generally accepted accounting principles (GAAP) or $95 million, or 16 cents per share, down 2 percent from the previous quarter and down 52 percent compared to the year-ago quarter.
On a non-GAAP basis, excluding charges, Marvell reported a net income of $142 million, or 24 cents per share, up 2 percent from the previous quarter and up 39 percent from the year-ago quarter.
Marvell's results came in below consensus analysts' expectations, which called for sales of $852.7 million and non-GAAP earnings of 26 cents per share, according to Yahoo Finance.
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