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Marvell Technology Falls Despite Q4 Revenue Beat

Marvell reported earnings in-line with analyst expectations on revenue that topped estimates.
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Shares of chipmaker Marvell  (MRVL) - Get Marvell Technology Inc. Report were falling Wednesday after the company reported its fiscal fourth quarter results after the closing bell.

The company reported quarterly earnings of 29 cents per share on revenue of $798 million. Marvell was expected to earn 29 cents per share on revenue of $786 million, according to analysts polled by FactSet. 

"We delivered outstanding fiscal year 2021 performance, with robust revenue growth of 10%, led by our networking business which grew 22% driven by strong 5G and Cloud product ramps," said Matt Murphy, Marvell's President and CEO.

For the current fiscal first quarter, Marvell widened its net revenue guidance range to between $760 million and $840 million with earnings expected to be between 23 cents and 31 cents per share. Analysts were expecting revenue of $787 million and earnings of 27 cents per share. 

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"We are excited about the numerous opportunities ahead in fiscal 2022. We anticipate strong growth in the first quarter of fiscal 2022, projecting revenue to grow approximately 15% year on year at the mid-point of guidance," Murphy said. 

The company's first-quarter guidance takes into account U.S. government tariffs on certain Chinese customers, as well as the uncertainty surrounding COVID-19.

The company matched analysts earnings expectations but missed on revenue in the third quarter.

Marvell shares were down 5.0% to $43.30 at last check after hours, after falling 4.75% intraday Wednesday. The stock has more than doubled over the past 12 months.

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