Marvell Technology Group trimmed its financial guidance, saying that it now anticipates that its net revenue for the third quarter of fiscal 2007 will be down approximately 10% from the $574.0 million of net revenue reported for second quarter of fiscal 2007.
The anticipated decline in net revenue is largely due to lower than expected demand from a number of the company’s hard disk drive customers. The company cited weaker than normal seasonal shipments in the personal computer market as well as excess inventory held by some of significant storage customers.
Additionally, the Marvell expects a significant increase in its general and administrative expenses in its third quarter of fiscal 2007 due to higher than expected costs related to its ongoing internal review into historical stock option practices and related accounting matters.
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