November 15, 2012 / 10:06 PM / in 5 years

Marvell Technology profit more than halves

(Reuters) - Chipmaker Marvell Technology Group Ltd’s (MRVL.O) third-quarter profit more than halved on lower sales to hard drive makers amid slowing PC demand.

For the quarter ended October 27, the profit fell to $69 million, or 12 cents per share, down from $195 million, or 32 cents per share last year.

Excluding items, it earned 20 cents per share, in line with Wall Street expectations.

The company, which also makes chips used in smartphones and tablets, last month warned of worse-than-anticipated demand from hard disk drive (HDD) makers, triggering a slew of estimate cuts by analysts.

    Revenue fell 18 percent to $781 million, but beat the $774.2 million expected by analysts, according to Thomson Reuters I/B/E/S.

    Marvell shares were up 6 percent after the bell. They closed at $7.41 on the Nasdaq on Thursday.

    Reporting by Himank Sharma in Bangalore; Editing by Maju Samuel

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