Marvell Technology Group Ltd.(NASDAQ:MRVL) shares tumbled 8% in after hours trading after the company trimmed earnings forecast for the third quarter amid uncertain economic conditions and a weak PC market.
The company now projects to generate revenue of $765 million to $785 million, missing analysts’ target of $800 million.
Will MRVL Recover After The Tumble? Find Out Here
Separately , the company’s chief financial officer, Clyde Hosein, has stepped down “to pursue other opportunities.” The company has named controller Brad Feller as an interim replacement.
E TRADE Financial Corporation(NASDAQ:ETFC) swung to third-quarter loss because of lower trading volumes and a number of one-time charges. The company posted net loss of $28.6 million, or 10 cents a share, reversing a year ago profit of $70.7 million, or 24 cents a share, missing analysts target of a profit of 10 cents a share.
Total net revenues also slid to $490.04 million, from $507.28 a year ago, ahead of analysts target of $440.12.
Shares of the firm slid 2%.
Chipotle Mexican Grill, Inc.(NYSE:CMG) tumbled 13% in late trading as after the company reported a weaker than estimated third quarter earnings.
The company said that net income grew 20% year over year to $72.3 million, or $2.27 per share, from $60.4 million, or $1.90 per share, a year ago quarter, but missed analysts target by 2 cents.
Revenue also came in at $700.5 million, again missing analysts’ estimate of $702.9 million. Same-store revenue jumped 4.80%.
Microsoft Corporation(NASDAQ:MSFT) reported first quarter earnings of $4.47 billion, or 53 cents a share, missing analysts’ estimate by 3 cents. Revenue came in at $17.36 billion, surpassing analysts’ target of $16.42 billion.
The Server & Tools business reported $4.55 billion in first-quarter revenue, an 8% increase year over yar, The Microsoft Business Division posted $5.50 billion in first-quarter revenue, a 2% decrease from the prior year period.
The Windows & Windows Live Division posted revenue of $3.24 billion, a 33% decrease from the prior year period.
Microsoft reaffirms fiscal year 2013 operating expense guidance of $30.3 billion to $30.9 billion.
Shares of MSFT are down 2.36% in after hours trading.