Marvell Technology Group Ltd.(NASDAQ:MRVL) late Thursday reported second quarter results that missed analyst forecasts, sending its shares down 14 percent.
The chip-maker’s net income for the three months to July fell to $93.1 million or 63 cents a share, compared with $192.4 million or 31 cents in the year-ago period.
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Adjusted earnings came to 24 cents per share, below the 27 cents expected by analysts. Revenue fell 9 percent to $816.1 million from $897.5 million. Analysts were expecting revenue of $852 million.
The fall in earnings was due to a decline in its revenues while expenses on research and sales development rose.
CEO Sehat Sutardja, talking about the second-quarter results, explained that a slowing economy had hurt demand for its storage and mobile products.
However, the company's solid-state drives, hard disk drives and wireless connectivity products grew by double-digit percentages from the previous quarter, he said.
On the other side retailer of teen products, Aeropostale, Inc.(NYSE:ARO) also saw a disappointing second quarter with weak back-to-school sales.
In the second quarter Aeropostale's net income fell to $71,000 from $2.9 million a year ago.
The company broke even on a per-share basis after earning 4 cents per share a year ago. Its revenue grew 4 percent, to $485.3 million from $468.2 million.
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The company also gave out a weak third quarter guidance at net income of 25 to 30 cents per share while analysts are expecting 38 cents per share.
Aeropostale's shares fell more than 9 percent to $12.