(Reuters) - Marvell Technology Group Ltd on Thursday forecast a 10 percent drop in first-quarter networking revenue from the prior three-month period, citing cautious outlook from China-based customers.
The chipmaker’s shares were down 2 percent in extended trading.
“This projection reflects the residual impact from the tight inventory control we experienced from our customers in the prior quarter, seasonality and the continued cautious outlook from our China-based customers,” Chief Executive Officer Matt Murphy said on a conference call with analysts.
Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila
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