Marvell forecasts third-quarter revenue below estimates hurt by Huawei ban


(Reuters) – Marvell Technology Group forecast third-quarter revenue below Wall Street estimates, as a ban on selling components to Chinese telecommunications giant Huawei Technologies hurt the U.S. chipmaker.

The chipmaker expects third quarter revenue of “$660 million +/- 3%”, below analyst estimates of $697.58 million, according to IBES data from Refinitiv.

“In our third quarter, we face a worsening macro environment along with the ongoing impact from the current restrictions on shipments to Huawei”, Chief Executive Officer Matt Murphy said.

(Reporting by Ayanti Bera in Bengaluru; Editing by Shailesh Kuber)