Marvell Technology (MRVL) - Get Marvell Technology Inc. Report shares are gently lower after hours Tuesday after the company reported fiscal-third-quarter bottom-line results in line with expectations but revenue missed estimates. And the Q4 earnings outlook missed expectations.
For the quarter ended Nov. 2 the Santa Clara, Calif., company reported non-GAAP net income of 17 cents a share, matching the estimate of analysts surveyed by FactSet.
Revenue was $662 million against the estimate of $664.5 million.
The company touted a strong performance from its enterprise and data center products as well as the ramping of its first 5G product shipments in volume.
For the fourth quarter, the company expects earnings of 15 cents to 19 cents a share on revenue of about $750 million. Analysts are expecting the company to report earnings of 21 cents on revenue of $699.5 million.
The company said that its acquisitions of multigig ethernet company Aquantia and application-specific-integrated-circuit company Avera will be reflected in the fourth quarter.
Earlier in the day, the company said all regulatory clearances have been received for NXP Semiconductors' (NXPI) - Get NXP Semiconductors N.V. Report acquisition of Marvell's wireless connectivity portfolio.
In May 2019, NXP agreed to acquire that portfolio, spanning wi-fi, bluetooth low energy, Zigbee, thread and near field communications.
At last check after hours, Marvell was off 0.2%. The stock finished the regular session down 2.5% at $25.16.