Chip maker Marvell technology (MRVL) Late Thursday, it matched Wall Street's earnings target for the fiscal fourth quarter on slightly higher-than-expected revenue. But his guidance for the current period was far below estimates. Marvell stock fell in extended trading.
X
The Santa Clara, Calif.-based company earned adjusted profit of 46 cents per share on sales of $1.43 billion in the quarter ended Feb. 3. Analysts polled by FactSet had expected earnings of 46 cents per share on sales of $1.42 billion. In the same period a year earlier, Marvel earned adjusted earnings of 46 cents per share on sales of $1.42 billion.
In after-hours trading on the stock market today, Marvell stock fell more than 11% to 75.18. During the regular session, Marvell stock rose 4.6% to close at 85.09.
Earnings report details to follow.
Marvell stock is a recent breakout
Marvell makes networking and data storage chips used in cloud computing, automotive, communications and other applications.
On March 1, Marvell stock broke out of a flat base at a buy point of 73.53, according to IBD Marketsorg Graphs.
Furthermore, Marvell is on the IBD Tech Leaders stock list.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz For more stories on consumer technology, software and semiconductor stocks.
You may also like:
Broadcom expands AI workload with new data center chips
Apple shares fall due to iPhone sales problems in China. What would Warren Buffett do?
Dell shares decline after AI-driven quarterly rhythm rally
Find winning stocks with MarketSurge's pattern recognition and custom screens
Watch the stocks in the leaders list near the buy point
More Stories
Bank of Japan decision, China PMI, Samsung earnings
Dow Jones Futures: Microsoft, MetaEngs Outperform; Robinhood Dives, Cryptocurrency Plays Slip
Strategist explains why investors should buy Mag 7 ‘now’