Marvell Warns - Now You Know Marvell Is No Super Heroposted by MR WAVETHEORY at 10/02/2006 05:27:00 PM
I wrote a few weeks ago that Marvell is no super hero. Today, Marvell warned and its stocked tanked 18%. Marvell Technology Group Ltd (Nasdaq MRVL) issued a press release is here. Congratulations to everyone who acted upon it!
* Marvell's acquisition strategy is not working
* Revenues are running short of estimates
* Problems with back dating stock options
Marvell is now expecting the revenues to be down about 10% from $574 million. Lower demand for disk drives is the reason. Interesting to notice that just a month ago Marvell's founders were on the front cover of Forbes as the new cool couple in tech land. That was their one month of fame.
Weili Dai was also recently on the list of 400 Richest Americans on Forbes. I think this means they are officially off the list. Easy come. Easy go. The photo on top was from the Forbes 400 list.