Chipmaker Marvell Technology (MRVL) late Thursday matched Wall Street’s earnings target for its fiscal fourth quarter on slightly higher than expected revenue. But its guidance for the current period was well below estimates. Marvell stock fell in extended trading.
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The Santa Clara, Calif.-based company earned an adjusted 46 cents a share on sales of $1.43 billion in the quarter ended Feb. 3. Analysts polled by FactSet had expected earnings of 46 cents a share on sales of $1.42 billion. In the year-earlier period, Marvell earned an adjusted 46 cents a share on sales of $1.42 billion.
In after-hours trading on the stock market today, Marvell stock tumbled 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 MarketSurge charts.
Further, 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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