Marvell Technology Down 5% In Pre-market On Outlook Lower Than Estimates

(RTTNews) - Shares of Marvell Technology, Inc. (MRVL), a data infrastructure semiconductor solutions provider, are down more than 5 percent in pre-market on Friday at $80.48, after the company's first-quarter outlook stood below the Street expectations.

Marvell Technology now expects revenue to be $1.150 billion plus or minus 5% for the first quarter. Adjusted EPS for the quarter is expected to be $0.23 plus or minus $0.05 per share for the quarter.

On average, 24 analysts polled by Thomson-Reuters expect the company to report earnings of $0.40 per share on revenue of $1.37 billion for the quarter.

For the fourth quarter, the company reported a net loss of $392.7 million or $0.45 per share, wider than $164.3 million or $0.19 per share in the same quarter a year ago.

Excluding one-time items, Marvell Technology posed earnings of $401.6 million, or $0.46 per share, in line with the consensus estimate of $0.46 per share.

Net revenue for the quarter was $1.427 billion, up from $1.419 billion last year. The consensus estimate was for $1.42 billion.

The company's shares had closed at $85.09, up 4.57 percent on Thursday. The stock has been trading in the range of $36.64 - $85.76 in the last 1 year.