Chipmaker Marvell Technology (MRVL) late Thursday edged above Wall Street’s targets for its fiscal first quarter and guided slightly higher for the current period. MRVL stock slid in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 52 cents a share on sales of $1.45 billion in the quarter ended April 30. Analysts polled by FactSet expected Marvell earnings of 51 cents a share on sales of $1.43 billion. In the year-earlier period, Marvell earned 29 cents a share on sales of $832 million.
In after-hours trading on the stock market today, MRVL stock dropped 0.9% to 56.49. During the regular session Thursday, MRVL stock jumped 5.6% to close at 56.99.
Earnings report details to follow.
Marvell makes networking and data storage chips used in cloud computing, automotive, communications and other applications.
IBD Stock Checkup ranks MRVL stock as No. 12 out of 34 stocks in IBD’s fabless semiconductor industry group. MRVL stock has a so-so IBD Composite Rating of 72 out of 99.
IBD’s Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE:
Video Game Stocks Hit Reset Button With Industry Consolidation
Broadcom Tops Quarterly Targets, Confirms Acquisition Of VMware
Graphics-Chip Maker Nvidia Beats First-Quarter Targets But Guides Low On Sales
Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists
Join IBD Live For Stock Ideas Each Morning Before The Open