Marvell Technology Group Ltd
Wall Street is coming to grips with the impact of severe flooding that has hampered production across a country that yields a quarter of the world's hard drives. Many analysts have slashed revenue and margin forecasts for corporations that depend on personal computers, including Dell Inc
Marvell, a wireless chipmaker that also derives a significant portion of its revenue from sales to the hard drive industry, reported revenue of $950 million in the quarter ended in October, edging past expectations for $937 million.
The company posted net income of $195 million or 32 cents a share in the quarter, down from $256 million or 38 cents a share a year earlier.
Excluding items, it earned 40 cents a share, barely beating the average of 39 cents expected by analysts, according to Thomson Reuters I/B/E/S.
Shares of the company held steady at $13.72 in after-hours trade, after sliding 6.3 percent in regular trading to close at $13.76 on the Nasdaq.
(Editing by Bernard Orr)