This High-Flying Chip Stock’s 5G Opportunity Takes a Hit
High-flying tech stock Marvell Technology Group (NASDAQ: MRVL) has been brought back down a bit. The chipmaker looked all set to take advantage of the rollout of fifth-generation (5G) wireless networks thanks to its design wins in this nascent space, but U.S. restrictions on doing business with Huawei have scuppered the company's progress.
Marvell recently released its second-quarter results and the numbers were not something that investors would have liked to see. Sales fell slightly from the prior-year period and adjusted net income tumbled by a third. What's more, the chipmaker's guidance indicates that it is in the midst of a slowdown.
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Source Fool.com
