The company reported third quarter revenue of $750 million on earnings of 25 cents per share. Analysts were expecting revenue of $750.1 million with earnings of 25 cents per share.
“Marvell continued to deliver strong revenue growth in the third fiscal quarter. Overall revenue increased 13% year on year, driven by our networking business, which grew revenue 35% year on year. Strong 5G and Cloud product ramps are fueling our ongoing success in these strategic growth markets,” said Matt Murphy, Marvell’s President and CEO.
Marvell shares fell 4.15% to $43.60 per share after-hours Thursday. They were down 0.2% during the day's trading.
For the fiscal fourth quarter, the company expects revenue of $785 million +/- 5% vs. a $787.4 million estimate. Marvell expects earnings for the quarter of between 25 cents and 33 cents per share, right in line with vs. estimates of 29 cents per share.
“Demand continues to increase, and we are guiding fourth fiscal quarter revenue at the mid-point to grow approximately 5% sequentially. Our team is working to mitigate the impact of industry-wide supply constraints that are currently limiting our ability to fully satisfy the increase in demand," Murphy said.
At the time, Marvell said it intended to reorganize so that the combined company will be domiciled in the United States. The combined company will have an enterprise value of about $40 billion.