Marvell Technology Dips Nearly 5% On Business Update, Expects Losses In 2016

Shares of Marvell Technology Group Ltd. (NASDAQ: MRVL) were trading lower by nearly 5 percent early Friday morning after the company notified investors that the submission of its 10-K regulatory filing will be submitted late.

Marvell Technology also stated that it expects total net revenue to be "significantly lower" for fiscal 2016 than 2015 due to a decrease in demand for its storage products and restructuring of its mobile platform business.

Related Link: Reports Claim Marvell Open To Sales, Shares Rise

Furthermore, the company expects to incur a net loss in fiscal 2016 due to a $750 million settlement with Carnegie Mellon University.

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