Marvell Technology Group Ltd MRVL reported a 52% decline in its fiscal second-quarter earnings.
Marvell's quarterly net income dropped to $93 million, or $0.16 per share, from $192 million, or $0.31 per share, in the year-ago period. Its adjusted earnings came in at $0.24 per share.
Its revenue fell 9% to $816 million. However, analysts were projecting earnings of $0.27 per share on revenue of $851.7 million.
Marvell shares dropped 9.61% to $11.10 in after-hours trading.
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