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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.
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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. In the year-earlier period, Marvell earned an adjusted 57 cents a share on sales of $1.54 billion.
In after-hours trading on the stock market today, MRVL stock advanced more than 1% to 56.55. During the regular session Thursday, MRVL stock dipped 0.7% to close at 55.73.
Earnings report details to follow.
MRVL Stock Is Consolidating
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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