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Marvell Technology Group Ltd. (NASDAQ:MRVL) fell more than 4 percent in after-hours trading following the release of its fourth-quarter earnings results.
Adjusted earnings of 25 cents per share was in line with estimates, while sales of $745 million beat the $740.31-million analyst estimate.
Marvell sees first-quarter adjusted EPS of 12-16 cents, which comes in under the 23-cent estimate. The company sees first-quarter sales of $650 million (+/- 3 percent), far below the $718.2-million estimate.
"While macroeconomic conditions are currently impacting our first quarter outlook, we expect growth to resume in the second quarter," said Matt Murphy, Marvell's President and CEO "Looking ahead, we are excited about our expanding position in the 5G market, including our recently announced partnership with Samsung, which includes multiple generations of baseband and control plane processors for both LTE and 5G base stations."
Marvell shares traded down about 4 percent to $18.40 in Thursday's after-hours session.
The stock fell 2.2 percent in the regular session, closing at $19.17 per share.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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