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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