SANTA CLARA (dpa-AFX) - Marvell Technology Group Ltd (MRVL), a provider of integrated silicon solutions, cut its revenue guidance for the first quarter, citing weaker than expected PC and storage markets and sluggishness in demand from emerging markets.
The company now expects first-quarter revenue of $710 million to $740 million, down from prior guidance of $810 million to $830 million.
Analysts polled by Thomson Reuters expect the company to report revenue of $816.3 million for the quarter.
Marvell said all other financial outlook expectations have been withdrawn and will be updated on May 21.
MRVL closed Friday at $14.31, down $0.23 or 1.58%, on a volume of 9.6 million shares on the Nasdaq. In after hours, the stock dropped $0.86 or 5.98% at $13.45.
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