Marvell Technology Inc. shares fell more than 4% in extended trading after the chipmaker cut the high end of its revenue forecast and postponed an investor day event, citing the “uncertain” economy.

Revenue in the first quarter didn’t reach the high end of its previous forecast range, the company said in a statement Tuesday. Net revenue was about $1.88 billion, plus or minus 2%. It had said in March that the sales may be 5% above that mark.

“In light of the dynamic macroeconomic environment, the company has decided to postpone its previously scheduled investor day from June 10, 2025, to a future date in calendar 2026,” Marvell said in the statement.

The stock had earlier closed at $61.22 after a decline of 1.2% in regular trading. That left it down 45% this year.