Chipmaker Marvell Technology Tops Q3 Views, Guides Analysts Lower

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Chipmaker Marvell Technology (MRVL) late Thursday edged above analyst estimates for its fiscal third quarter. However, it missed views with its guidance for the fourth quarter. Still, MRVL stock rose in extended trading.

Nvidia and Qualcomm power much of the world’s technology. And with 750 chipmakers building the brains and the insides of our digital devices, competition in the sector has never been hotter. These companies and AI stocks are also a huge force on Wall Street and generate big price moves in the market. So what do investors need to know about this critical industry?” data-nosnippet=”true” data-permalink=”https://www.investors.com/ibd-videos/videos/semiconductor-stocks-how-the-ai-chip-boom-is-priming-the-sector-for-growth” jw-video-key=”4X7D594z” vid-authors=”MEREDITH HEYMAN” vid-cat=”Industry Insights” vid-date=”11/29/2023″ vid-date-tmsp=”1701255670″ vid-dom-id=”8802842-656912442758d” vid-id=”8802842″ vid-image=”https://www.investors.com/wp-content/uploads/2023/11/4X7D594z-640×360.jpg” vid-name=”Semiconductor Stocks: How The AI Chip Boom Is Priming The Sector For Growth” vid-repeat=”1″ vid-top=”false” vid-url=”https://content.jwplatform.com/manifests/4X7D594z.m3u8″ vid-width=”50″> X

The Santa Clara, Calif.-based company earned an adjusted 41 cents a share on sales of $1.42 billion in the quarter ended Oct. 28. Analysts polled by FactSet had expected earnings of 40 cents a share on sales of $1.4 billion. On a year-over-year basis, Marvell earnings declined 28% while sales slid 8%.

For the current quarter, Marvell forecast adjusted earnings of 46 cents a share on sales of $1.42 billion. That’s based on the midpoint of its outlook. Analysts had been looking for earnings of 49 cents a share on sales of $1.46 billion in the fiscal fourth quarter.

“The diversification of our portfolio is serving us well, with strong growth from AI and cloud carrying us through a softening demand environment in other end markets,” Chief Executive Matt Murphy said in a news release.

He added, “These dynamics are reflected in our forecast for overall revenue to be flat sequentially in the fourth quarter at the midpoint of guidance.”

MRVL Stock Is Consolidating

In after-hours trading on the stock market today, MRVL stock advanced 0.5% to 56. During the regular session Thursday, MRVL stock dipped 0.7% to close at 55.73.

Marvell makes networking and data storage chips used in cloud computing, automotive, communications and other applications.

MRVL stock has been in a consolidation pattern for the past 27 weeks with a buy point of 67.99, according to IBD MarketSmith charts.

Marvell ranks 10th out of 37 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. MRVL stock has an IBD Composite Rating of 73 out of 99.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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