Chipmaker Marvell Technology’s 2nd-quarter profit falls 18 pct as revenue declines 24 pct

Chipmaker Marvell’s 2Q profit falls as sales drop

SANTA CLARA, Calif. — Marvell Technology Group Ltd., which makes chips used in phone networks, said Thursday its second-quarter net income fell 18 percent to $58.5 million as revenue slumped.

Net income in the three months to Aug. 1 amounted to 9 cents per share, down from $71.4 million, or 11 cents per share, a year ago.

Revenue plunged 24 percent to $641 million from $843 million a year ago, but that beat the $621 million expected by analysts.

Excluding one-time items, adjusted earnings came to 18 cents per share, beating the average expectation of analysts surveyed by Thomson Reuters for 14 cents per share.

Marvell shares fell 28 cents, or 1.9 percent, to $14.35 in after-hours trading, after closing up 23 cents, or 1.6 percent, at $14.63 on Thursday.