Friday, October 19, 2012

Marvell Cuts Q3 Guidance, CFO Steps Down

Marvell cut its financial outlook for the third quarter of fiscal 2013, ending October 27, 2012, saying it now expects net revenue to be in the range of $765 million to $785 million, compared with prior outlook of between $800 million to $850 million.

“The continued slowdown in the global economy during the third quarter is resulting in a weaker PC market than previously anticipated and thus lower demand from our storage HDD customers. Our SSD, networking, and mobile product revenues are tracking to be in line with prior expectations,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. “In addition to the continued weak PC demand patterns, visibility in our other end markets remains low as we head into a seasonally softer fourth quarter.”

Marvell also announced the resignation of its chief financial officer (CFO), Clyde Hosein, who is leaving after four years in the job.  Brad Feller, vice president and corporate controller, will serve as interim chief financial officer during a search for Mr. Hosein’s replacement.

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