Tag Archives: mrvl

Several Wall Street analysts downgraded Marvell Technology Group (MRVL) stock Monday after the Bermuda-based chipmaker announced a potential accounting error Friday that may affect already depressed Q2 revenue. On Friday, Marvell delayed its Q2 results pending an internal audit, explaining that a 7%-8% chunk of revenue credited to Q2 should likely have been counted in Q3. That, on top of already low preliminary $711.3 million revenue — down 26%

Bermuda-based chipmaker Marvell Technology Group (MRVL) belly-flopped Friday on Wall Street after disclosing Thursday a potential accounting error that may have fudged already depressed Q2 revenue to the tune of 7% to 8%. The company’s senior managers are now under the investigatory lens. Marvell Technology stock tumbled to a nearly three-year low after the Thursday disclosure. Shares were trading down about 17% from Thursday’s close, near 9 in