Marvell (MRVL) PT Lowered to $58 at Citi
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Marvell (MRVL) falls on tepid forecast; Needham sees it as a buying chance
March 3, 2023 8:26 AM ESTMarvell (NASDAQ: MRVL) shares are trading over 8% lower in pre-market trading after the company issued a worse-than-expected quarter for the quarter.
For the fourth quarter, Marvell reported EPS of $0.46 on revenue of $1.42 billion, beating the average analyst estimate for earnings of $0.46 per share on sales of $1.4B. Net revenue increased by 5.6% year-over-year, despite the 13% drop in Data center revenue.
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