Marvell Stock Sinks as Earnings Fall Short. Customers Are Pulling Back.

Marvell Technology

shares were sinking in late trading Thursday after the data- center semiconductor firm’s earnings and outlook disappointed Wall Street. The company said makers of storage equipment are reducing their stockpiles of chips, hurting its near-term results.

Marvell

(ticker: MRVL) reported October quarter non-GAAP net income of $491.5 million, or 57 cents a share. Analysts polled by FactSet had forecast adjusted earnings of 59 cents a share. Revenue of $1.54 billion was a touch below estimates of $1.55 billion.