Marvell Technology Inc. (MRVL) shares fell over 5% early Friday after the chip maker's revenue declined and its forecast fꦉor the fourth quarter came in lower than e𒈔xpected amid a "weak environment."

While Marvell's year-over-year revenue decline of 8% to $1.42 billion was slightly better than analysts anticipated, but its fourth-quarter forecast at $1.42 billion missed estimates. A GAAP-adjusted per-share loss of 19 cents was an improvement ove♒r the second quarter's 24-cent per-share loss and narrowed from the year-ago third-quarter per-share loss of𒁏 63 cents.

For the nine months ended Oct. 28, 2023, Marvell posted a net loss of $540.7 million. In the same period in 2022, it's net loss was much narrower at $148.1 million.

Marvell Technology CEO Matthew Murphy blamed the recent lackluster performance on the broader market, telling Reuters, "You've seen it in announcements from the big enterprise companies and you've also seen it from the carrier companies. It's a very weak environment."

Despite Friday's decline, Marvell shares were up over 46% year-to-date.