(MENAFN- ProactiveInvestors - N.America) Marvell Technology Group (NASDAQ:MRVL) has scaled back its third-quarter revenue guidance, citing a continued slowdown in the global economy and a soft PC market.
The Hamilton, Bermuda-based chip maker saw its stock dive 13.87 per cent to $7.61 each on the Nasdaq on Friday afternoon.
Marvel now expects third-quarter sales to be in the tune of $765 to $785 million, down from a prior view of $800 to $850 million.
"The continued slowdown in the global economy during the third quarter is resulting in a weaker PC market than previously anticipated," chief executive Sehat Sutardja said in a release Friday.
The CEO said that networking and mobile product sales are "tracking" in line with its prior expectations.
Marvell will release results on November 15, after the closing bell in North America, and plans to hold an earnings call.
Separately, the company also announced Friday the resignation of chief financial officer Clyde Hosein.
Hosein, who only held the position for four years, decided to pursue other opportunities, the company added.
Vice president and corporate controller, Brad Feller, will take over the role on an interim basis until the company finds Hosein's replacement.
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