Marvell misses by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus
4:11 PM ET 3/2/23 | Briefing.com
Reports Q4 (Jan) earnings of $0.46 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $0.47; revenues rose 5.6% year/year to $1.42 bln vs the $1.41 bln S&P Capital IQ Consensus."While inventory corrections and resulting changes in product mix are impacting our guidance for fiscal first quarter revenue and gross margin, we expect these headwinds to subside later in fiscal 2024, as inventory levels normalize, and Marvell-specific growth drivers accelerate." Co issues downside guidance for Q1, sees EPS of $0.29, +/-$0.05, which translates to $0.24-0.34, excluding non-recurring items, vs. $0.41 S&P Capital IQ Consensus; sees Q1 revs of $1.30 bln +/-5%, which translates to ~$1.235-1.365 bln vs. $1.39 bln S&P Capital IQ Consensus.Non-GAAP gross margin is expected to be approximately 60%.
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