* Sees Q3 revenue $765-$785 mln vs est $813.4 mln
* CFO resigns; investors seen disappointed
* Shares fall 9.3 percent
SAN FRANCISCO, Oct 18 Chipmaker Marvell
cut its revenue estimate for the current quarter and announced
the departure of its chief financial officer, sending its shares
down 9.3 percent in after-hours trading.
Chief Financial Officer Clyde Hosein had resigned to pursue
other opportunities, the company said.
Marvell, which makes chips used in PCs and servers, cut its
revenue projection for the quarter to between $765 million and
$785 million, because of a weak personal computer market and
troubled global economy.
The cut, from a previous range of $800 million to $850
million, was below analysts forecasts of $813 million in revenue
for the three months to the end of October, according to Thomson
"It's not that surprising to us given the weakness out in
the PC market that Marvell is exposed to," said RBC Capital
Market analyst Doug Freedman, when asked about the forecast cut.
"This may be a little worse than what I would have expected,
but I was prepared for a pre-announcement."
One of Marvell's biggest customers, Western Digital Corp
, slashed its outlook last month.
"The continued slowdown in the global economy during the
third quarter is resulting in a weaker PC market than previously
anticipated and thus lower demand from our storage HDD
customers," chief executive Sehat Sutardja said in a statement.
Marvell also announced the departure of its Chief Financial
Officer of four years.
"We're disappointed to see Clyde Hosein resign," said Stifel
Nicolaus analyst Kevin Cassidy. "We've had a lot of faith built
into Clyde. Investors will be disappointed."
Marvell said Brad Feller, vice president and corporate
controller, would stand in as CFO until a replacement was found.
Shares in Marvell, which had already been struggling with
market share losses in its mobile chip business, fell to $8.01
after the bell.