Marvell stock declines after inventory corrections weigh on earnings forecast

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Shares of Marvell were falling in after-hours trading Thursday after the company blamed inventory corrections for an outlook that lagged the consensus view.

Shares of Marvell Technology Inc. fell more than 5% in after-hours trading Thursday after the chip company met expectations with results for its latest quarter but blamed inventory corrections for an outlook that came in below the consensus view.

The company generated a fiscal fourth-quarter net loss of $15.4 million, or 2 cents a share, versus net income of $6.2 million, or 1 cent a share, in the year-earlier period. On an adjusted basis, Marvell MRVL earned 46 cents a share, down from 50 cents a share a year before, while analysts tracked by FactSet were expecting 46 cents.

For the fiscal first quarter, Marvell executives expect $1.30 billion in revenue at the midpoint, whereas analysts were expecting $1.38 billion. Management also models 29 cents in adjusted earnings per share at the midpoint, while the FactSet consensus was for 42 cents.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

That's weird, AMCTheatres didn't have any cooked books, created new revenue with a Walmart deal, reduced debt and reduced cash burn while having a CEO that listens to investors, and it went down too, weird I tell ya.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

5 things to know before the stock market opens ThursdayHere are the most important news items that investors need to start their trading day. $0. Stocks aren't rallying and DJI not closing 1,000 up from the open. Bond yields up.
Source: CNBC - 🏆 12. / 72 Read more »

Noodles & Company offering free meals for restaurant workers on ThursdayNoodles & Company is offering free meals to Phoenix restaurant employees on Thursday, March 2, in honor of Employee Appreciation Day. MORE ⬇️
Source: abc15 - 🏆 263. / 63 Read more »