April 13, 2024

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Marvell shares decline amid weak outlook

Marvell shares decline amid weak outlook

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.




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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.

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