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Marvell shares fall after a 'significant reset'

By Senad Karaahmetovic Marvell (NASDAQ:MRVL) shares are down about 5% in pre-open Friday after the chipmaker delivered weaker-than-expected third-quarter results and...
Marvell shares fall after a 'significant reset' © Reuters. Marvell (MRVL) shares fall after a 'significant reset'
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By Senad Karaahmetovic

Marvell (NASDAQ:MRVL) shares are down about 5% in pre-open Friday after the chipmaker delivered weaker-than-expected third-quarter results and guidance.

Marvel posted an adjusted EPS of $0.57 on revenue of $1.54 billion (+27% year-over-year) to miss the consensus for earnings of $0.59 per share on revenue of $1.56B. The data center revenue came in at $627.3M, higher than the $611.8M estimate.

For this quarter, the midpoint of the range implies EPS of $0.46 on revenue of $1.38B, a significant miss relative to the consensus of $0.62 on revenue of $1.61B. Marvel said it sees its adjusted gross margin for FQ4 at 64%, again lower than the estimated 65.1%.

“Inventory reductions, in particular at our storage customers, are impacting our near-term results and guidance, and we are working closely with them to manage their change in demand in an orderly fashion to clear the path to a resumption of growth,” Marvell said in a press release.

Goldman Sachs analysts said MRVL delivered a “significant re-set” but they remain positive on the stock given its long-term growth profile. The analysts cut the price target to $54 from $62 per share to reflect the ongoing inventory correction.

“We maintain our Buy rating on MRVL as we continue to believe in the sustainability of above-average revenue growth — supported by design wins and content growth across Cloud, 5G infrastructure, and Automotive — as well as the operating leverage inherent to Marvell,” they said in a note.

BMO analysts also cut the price target and commented:

“We were modeling for downward divergence vs. consensus estimates in FY24, and thought that the tightness in the company's major networking products would bide the company some time. We were incorrect in that assumption. The weakness in the storage business is hitting hard, and now. The China networking business is swooning away as well. Our estimates are coming down as is our target, but we are staying with our Outperform.”

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29-03-2024 15:34:28 (UTC+7)

EUR/USD

1.0774

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Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

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EUR/USD

1.0774

-0.0013 (-0.12%)

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Moving Avg:

Buy (2)

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GBP/USD

1.2622

0.0001 (0.00%)

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Buy (12)

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USD/JPY

151.37

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Buy (6)

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AUD/USD

0.6511

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USD/CAD

1.3551

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EUR/JPY

163.05

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Buy (9)

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Allianz SE VNA O.N.

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207.00

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7.281

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176.96

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14.582

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Sell (0)

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Sell (1)

    EUR/USD 1.0774 ↑ Sell  
    GBP/USD 1.2622 ↑ Buy  
    USD/JPY 151.37 ↑ Buy  
    AUD/USD 0.6511 ↑ Buy  
    USD/CAD 1.3551 Sell  
    EUR/JPY 163.05 ↑ Buy  
    EUR/CHF 0.9717 Neutral  
    Gold 2,254.80 Buy  
    Silver 25.100 ↑ Buy  
    Copper 4.0115 ↑ Buy  
    Crude Oil WTI 83.11 ↑ Buy  
    Brent Oil 86.99 Neutral  
    Natural Gas 1.752 ↑ Sell  
    US Coffee C 188.53 ↑ Sell  
    Euro Stoxx 50 5,082.85 ↑ Sell  
    S&P 500 5,254.35 ↑ Sell  
    DAX 18,504.51 ↑ Buy  
    FTSE 100 7,952.62 ↑ Sell  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,120.15 Neutral  
    IBEX 35 11,074.60 ↑ Sell  
    BASF 52.930 ↑ Buy  
    Bayer 28.43 Buy  
    Allianz 277.80 ↑ Buy  
    Adidas 207.00 ↑ Buy  
    Lufthansa 7.281 ↑ Sell  
    Siemens AG 176.96 ↑ Buy  
    Deutsche Bank AG 14.582 ↑ Buy  
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# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
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Cập nhật 29-03-2024 15:34:31
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