Marvell Technology Group Ltd. Sinks On Disappointing Q1 Outlook

Marvell Technology Group Ltd.

traded down in Thursday's extended session after posted a disappointing outlook and fourth-quarter results. The Santa Clara, California-based semiconductor company changed hands recently at $15.60, down nearly 5 percent. Marvell forecast first-quarter adjusted earnings of between $0.17 and $0.19 cents a share, on revenue of $810 million to $830 million. Analysts expect $0.22 cents a share on revenue of $884.16 million. In the recent fourth quarter ended Jan. 31, Marvell's net income declined 15 percent to $82 million, or $0.16 a share, from $97 million, or $0.19 a share last year. Adjusted profit for the recent period equaled $0.25 cents a share, while revenue fell 8 percent to $857 million, from $932 million a year earlier. Wall Street expected earnings of $0.24 cents a share, on revenue of 889.88 million.