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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (88901)	8/25/2022 4:40:40 PM
From: Return to Sender	1 Recommendation Recommended By Sr K Respond to of 95420

MW Marvell stock drops following weak outlook, persistent supply constraints 4:32 PM ET 8/25/22 \| MarketWatch By Wallace Witkowski CEO expects sequential revenue growth to accelerate in the fourth quarter as constraints begin to ease Marvell Technology Inc. shares fell in the extended session Thursday after the chip maker's third-quarter forecast mostly fell short of Wall Street expectations as the company does not expect supply constraints to ease until the fourth quarter. Marvell (MRVL) shares fell 5% after hours, following a 5.5% climb in the regular session to close at $55.09. Shares are down 37% year-to-date, compared with a 25% fall by the PHLX Semiconductor Index and a 12% decline by the S&P 500 index . Marvell forecast adjusted earnings of 56 cents to 62 cents a share on revenue of $1.51 billion to $1.61 billion for the third quarter. Analysts had estimated earnings of 61 cents a share on revenue of $1.58 billion for the third quarter. That's right on the heels of chip giant Nvidia Corp. (NVDA) forecasting late Wednesday that third-quarter sales would likely fall about $1 billion short of Wall Street expectations Marvell reported second-quarter net income of $4.3 million, or a penny a share, versus a loss of $276.4 million, or 34 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 57 cents a share, compared with 34 cents a share in the year-ago period. Revenue rose to $1.52 billion from $1.08 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast 56 cents a share on revenue of $1.52 billion, based on the company's forecast of 53 cents to 59 cents a share on revenue of $1.47 billion to $1.56 billion. "Looking ahead, we expect sequential revenue growth to accelerate in the fourth quarter as supply constraints begin to ease," said Matt Murphy, Marvell chief executive, in a statement. "We believe we are well positioned to continue to benefit from our favorable end market exposure tied to strong secular growth trends and significant expected upcoming revenue contributions from a number of Marvell specific product ramps." -Wallace Witkowski > Dow Jones Newswires August 25, 2022 16:32 ET (20:32 GMT) Copyright (c) 2022 Dow Jones & Company, Inc.