Marvell on Thursday reported adjusted fourth-quarter earnings of 25 cents a share, matching estimates, on sales of nearly $745 million, which came in above forecasts. A year earlier, the company earned 32 cents a share on revenue of $615.4 million.
But the company said it expects first-quarter adjusted earnings of 12 cents to 16 cents a share on sales of about $650 million, plus or minus 3%. Analysts had been calling for adjusted profit of 23 cents a share on sales of $718 million.
"Marvell continued to improve its financial performance in fiscal 2019, while also increasing scale and diversifying its business through the acquisition of Cavium," said Matt Murphy, Marvell's president and CEO. "While macroeconomic conditions are currently impacting our first-quarter outlook, we expect growth to resume in the second quarter."
Marvell completed its roughly $6 billion acquisition of Cavium, a maker of networking and data-center products, in July 2018.