Marvell Technology Trading Lower On Mixed Earnings: What You Need To Know

Shares of Marvell Technology Inc MRVL are trading lower into Thursday’s after-market session on mixed earnings. Here’s what investors need to know.

By The Numbers: Marvell Technology reported earnings per share of 46 cents, missing the consensus estimate of 47 cents on revenues of $1.419 billion, which beat the consensus estimate of $1.4 billion, according to Benzinga Pro.

Net revenue for fiscal 2023 was $5.920 billion. GAAP net loss for fiscal 2023 was $164 million, or 19 cents per diluted share. Non-GAAP net income for fiscal 2023 was $1.822 billion, or $2.12 per diluted share.

“Marvell delivered record revenue of $5.92 billion in fiscal 2023, growing 33 percent year over year driven by strong growth from cloud, 5G, auto and enterprise networking,” said CEO Matt Murphy.

“While inventory corrections and resulting changes in product mix are impacting our guidance for fiscal first quarter revenue and gross margin, we expect these headwinds to subside later in fiscal 2024, as inventory levels normalize, and Marvell-specific growth drivers accelerate.”

Marvell sees first-quarter revenue to be roughly $1.3 billion plus or minus 5%, falling short of the $1.38 billion estimates and sees adjusted EPS at 29 cents plus or minus 0.05, missing the 41 cent consensus.

Price action: Shares of Marvell Technology are trading 4.82% lower to $44, according to Benzinga Pro.