Marvell Cuts Fiscal 4Q12 Guidance

Marvell Technology Group Ltd. updated its financial outlook for the fourth quarter of fiscal 2012, ending January 28, 2012.

Marvell now expects net revenue for the fourth quarter of fiscal 2012 to be in the range of $735 million to $745 million, compared with prior outlook of between $775 million to $825 million.

"The supply of disk drives started to recover in our fourth fiscal quarter, but later than we had originally anticipated. Our SSD revenues grew more than expected but not enough to offset the impact of the Thailand floods on our HDD volumes," said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. "In addition, we experienced year-end demand softness at our mobile and wireless customers, particularly in China. We believe these effects are near term only, and should not impact our results in the new fiscal year."