August 29, 2019 / 8:16 PM / 18 days ago

Marvell forecasts third-quarter revenue below estimates hurt by Huawei ban

Aug 29 (Reuters) - Marvell Technology Group forecast third-quarter revenue below Wall Street estimates, as a ban on selling components to Chinese telecommunications giant Huawei Technologies hurt the U.S. chipmaker.

The chipmaker expects third quarter revenue of “$660 million +/- 3%”, below analyst estimates of $697.58 million, according to IBES data from Refinitiv.

“In our third quarter, we face a worsening macro environment along with the ongoing impact from the current restrictions on shipments to Huawei”, Chief Executive Officer Matt Murphy said. (Reporting by Ayanti Bera in Bengaluru; Editing by Shailesh Kuber)

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