Marvell Technology (MRVL) late Wednesday narrowly beat estimates for the chipmaker's fiscal fourth quarter and guided modestly higher for the current quarter. MRVL stock plunged in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 60 cents a share on sales of $1.82 billion in the quarter ended Feb. 1. Analysts polled by FactSet had expected Marvell earnings of 59 cents a share on sales of $1.8 billion. In the year-earlier period, Marvell earned an adjusted 46 cents a share on sales of $1.43 billion.
↑ X NOW PLAYING Out-Discipline The Market: Managing Position Size And Watching Market TrendsIn after-hours trading on the stock market today, MRVL stock plummeted more than 15% to 75.80. During the regular session Wednesday, MRVL stock rose 2.1% to close at 90.14.
Earnings report details to follow.
Marvell makes data-center semiconductor products, including server processors, AI accelerators, networking and storage chips. Marvell designs custom AI chips for Alphabet's (GOOGL) Google, Amazon (AMZN) and Microsoft (MSFT).
On Monday, Marvell demonstrated its first 2-nanometer silicon IP (intellectual property) for next-generation AI and cloud infrastructure. Circuit widths on chips are measured in nanometers, which are one-billionth of a meter.
Marvell's 2-nanometer chips will enable hyperscalers to dramatically boost the performance and efficiency of their infrastructure, the company said in a news release. The chips will be produced by Taiwan Semiconductor Manufacturing (TSM).
Industry peer Broadcom (AVGO) is scheduled to report its fiscal first-quarter results late Thursday.
MRVL stock and AVGO stock are both on the IBD Tech Leaders 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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