Why Is Marvell Technology Stock Sliding After Hours?

Why Is Marvell Technology Stock Sliding After Hours?

Marvell Technology Inc MRVL shares are trading lower in Thursday's after-hours session after the company reported financial results for the second quarter. 

Marvell said fiscal second-quarter revenue grew by 41% year-over-year to $1.517 billion, which came in slightly below average analyst estimates of $1.52 billion, according to Benzinga Pro. The company reported quarterly earnings of 57 cents per share, which beat average analyst estimates of 56 cents per share.

"Looking ahead, we expect sequential revenue growth to accelerate in the fourth quarter as supply constraints begin to ease," said Matt Murphy, president and CEO of Marvell Technology.

Marvell expects third-quarter revenue to be $1.56 billion, plus or minus 3%. The company expects third-quarter earnings to be between 56 cents and 62 cents per share versus the estimate of 60 cents per share.

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MRVL Price Action: Marvell has a 52-week high of $91.78 and a 52-week low of $41.07.

The stock was down 3.87% in after hours at $52.92 at press time. 

Photo: courtesy of Marvell.

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