Marvell Technology Group reported a preliminary third-quarter net loss of $61.7 million or 12 cents a share, compared with the year-earlier profit of $115.3 million or 22 cents a share. The chip maker attributed the disappointing results to weak demand for its chips used in hard-disk drives.
Marvell reported that in the third quarter of fiscal 2016, storage revenue declined 16% sequentially, reflecting lower demand from HDD customers, but this decline was offset slightly by better-than-expected SSD controller sales. Marvell’s networking revenue declined 8% sequentially, reflecting continued weak demand for enterprise networking products, while mobile and wireless revenue grew 15% sequentially on stronger smartphone demand, particularly in the low end.
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