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Technology Stocks : Marvell Technology Group {MRVL} -- Ignore unavailable to you. Want to Upgrade?

To: Howard Bennett who wrote (69)	4/5/2001 6:37:44 PM
From: Howard Bennett	Respond to of 162

Marvell sees lower-than-expected Q1 earnings SUNNYVALE, Calif., April 5 (Reuters) - Marvell Technology Group Ltd. (NasdaqNM:MRVL - news), a maker of broadband communications products, said on Thursday it expects to report first-quarter earnings below expectations, citing the economic slowdown. Sunnyvale, Calif.-based Marvell said it expects to report first-quarter pro forma earnings of about 4 cents per share. The three analysts polled by Thomson Financial/First Call had forecast earnings ranging from 5-6 cents per share, with a consensus estimate of 6 cents per share. Marvell also said it expects to report first-quarter revenues of $64 million, or about 10 percent below prior forecasts. It said it expects to report diluted earnings for its fiscal year 2002 of 22 cents to 25 cents per share on revenues of $280 million to $290 million. ``With the current slowdown in the U.S. economy, customers have taken additional actions to manage their inventory levels, leading to a higher level of new order delays and reschedules to existing orders that Marvell had not originally anticipated,'' said Sehat Sutardja, Marvell president and chief executive officer. Email this story - Most-emailed articles - Most-viewed articles