Marvell Technology stock fell sharply after the company posted slightly better-than-expected earnings. The results were also dragging on thebroader tech sector.

For its fiscal fourth quarter ending in January, the company reported revenue of $1.82 billion versus the Wall Street consensus of $1.8 billion, according to FactSet. Adjusted earnings came in at 60 cents per share, which is above the 59 cents analysts’ consensus estimate.

Guidance was roughly inline. For the current quarter, Marvell guided to a revenue range of $1.875 billion at the midpoint, compared to analysts’ expectations of $1.87 billion.

“Our custom AI silicon programs have now entered volume production, and we continue to see strong growth from our interconnect products,” Marvell CEO Matt Murphy said in the earnings release. “We anticipate strong revenue growth for the full fiscal year.”

Investors were apparently hoping for more. Marvell shares were down 18.4% at $73.55 in morning trading trading following the earnings report on Wednesday night. If shares close at that level, it’d be their lowest since Oct. 10 when they closed at $72.54, according to Dow Jones Market Data.

Super Micro Computer fell 4%; Arm, Nvidia, Micron, and ASML fell 3%; Intel, AMD, and TSMC fell 2%; Qualcomm fell 1%.

The iShares Semiconductor exchange-traded fund (SOXX) was down 2.8%, and futures for the Nasdaq 100 were off 1.7%.

Marvell sells a portfolio of chips and hardware products for the data center, 5G infrastructure, networking, and storage markets. It also helps large technology companies design their own AI semiconductors, called ASICS, or application specific integrated circuits.

Last week, Raymond James analyst Srini Pajjuri reaffirmed his Outperform rating on Marvell stock.

“We expect the custom AI accelerator market to grow to $50B+ by 2028, and believe that MRVL is well-positioned for significant share given its strong IP, system-level expertise, and execution track record,” he wrote.

Marvell stock had gained 15% over the past 12 months but is down 41% from its all-time closing high of $126.06 set on Jan. 23, according to Dow Jones Market Data.

Another chipmaker, Broadcom, reports earningsafter the market close. Shares of that firm are down 5% today.