Stock Alert: Marvell Technology Shares Trading Up 6% In Pre-Market

(RTTNews) - Shares of Marvell Technology Group Ltd. (MRVL) are up more than 6% in pre-market today, following the chipmaker's upbeat Q4 results. MRVL is currently trading at $24.10, up $1.51 or 6.68% in the pre-market session.

The stock has been trading between $18.08 and $28.86 in the past one year, and closed Wednesday's trading session at $22.59, up $1.29 pr 6.06%. Trading volume was 8.98 million versus an average volume of 10.2 million shares.

GAAP net income for the fourth quarter of fiscal 2020 was $1.8 billion or $2.62 per share versus a loss of $260.7 million or $0.40 per share last year. Non-GAAP net income was $117 million or $0.17 per share, that topped Wall Street analysts' estimation of $0.16 per share. Revenue was $718 million compared to $744.8 million generated a year ago.

For the first quarter, the company sees GAAP loss in the range of $0.20 - $0.12 per share, non-GAAP EPS of $0.11 - $0.17, and revenue to be $680 million, plus or minus 5%.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.13 per share and revenue of $674.81 million for the fourth-quarter. Analysts' estimates typically exclude certain special items.

"Marvell delivered fourth quarter revenue above the mid-point of guidance with solid results from both our networking and storage businesses. Our guidance for the first quarter of fiscal 2021 reflects the reduction of approximately 5 percent of revenue to account for coronavirus impacts we are aware of so far," said Matt Murphy, Marvell's President and CEO.