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Chipmaker Marvell Technology tops third-quarter results, leads analysts lower


chip manufacturer Mayville Technology (MRVL) late Thursday, its fiscal third-quarter results slightly topped analysts’ expectations. However, the company’s fourth-quarter guidance fell short of expectations. MRVL stock fell in intraday trading.




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The Santa Clara, Calif.-based company had sales of $1.42 billion in the quarter ended Oct. 28 and adjusted earnings per share of 41 cents. Analysts polled by FactSet had expected earnings of 40 cents per share on sales of $1.4 billion. Compared with the same period last year, Marvell’s profits fell by 28% and sales fell by 8%.

For the current quarter, Marvell forecast adjusted earnings of 46 cents per share on sales of $1.42 billion. That’s based on the median of its prospects. Analysts had been expecting fiscal fourth-quarter earnings of 49 cents per share on sales of $1.46 billion.

CEO Matt Murphy said in a statement: “The diversification of our portfolio has served us well, and strong growth in artificial intelligence and cloud computing has helped us weather a weak demand environment in other end markets.” Press Releases.

“These dynamics are reflected in our forecast that overall fourth-quarter revenue will be in line with the midpoint of guidance,” he added.

MRVL stock is consolidating

in after-hours trading Today’s stock market, MRVL shares fell 3.8% to 53.64. In regular trading on Thursday, MRVL shares fell 0.7% to close at 55.73.

Marvell makes networking and data storage chips used in cloud computing, automotive, communications and other applications.

MRVL stock has been at Integrated model past 27 weeks buy some 67.99, based on IBD Market Smith chart.

According to IBD, Marvell ranks 10th among 37 stocks in the fabless semiconductor industry group. IBD inventory check. MRVL stock has IBD Comprehensive Rating 73 out of 99.

Follow Patrick Seitz on X (formerly Twitter): @IBD_PSeitz Read more stories about consumer technology, software and semiconductor stocks.

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