SAN FRANCISCO—Chip maker Marvell Technology Group Ltd. Friday (Jan. 27) cut its sales target for the quarter ending Jan. 28, saying revenue would be lower than expected because of disk drive shortages created by last year's flooding in Thailand.
Marvell (Santa Clara, Calif.) said it now expects sales for the fourth quarter of its fiscal 2012 to be between $735 million and $745 million, down from a prior target range of $775 million to $825 million.
"The supply of disk drives started to recover in our fourth fiscal quarter, but later than we had originally anticipated," said Sehat Sutardja, Marvell's chairman and CEO, in a statement issued Friday. "Our SSD revenues grew more than expected but not enough to offset the impact of the Thailand floods on our HDD volumes."
Sutardja said Marvell also experienced year-end demand softness from mobile and wireless customers, particularly in China. "We believe these effects are near term only, and should not impact our results in the new fiscal year," Sutardja said.
Marvell plans to issue its fiscal fourth quarter results Feb. 23.
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