Marvell Technology (MRVL) reported fiscal fourth-quarter results that beat analysts’ expectations, but shares tumbled in extended trading as its outlook failed to impress.
The semiconductor company saw revenue grow 27% year-over-year to $1.82 billion, above the analyst consensus from Visible Alpha. Adjusted earnings came in at $531.4 million, or 60 cents per share, up from $401.6 million, or 46 cents per share, a year earlier, and ahead of expectations. Revenue from its data center segment increased 78% to $1.37 billion, driven by demand for artificial intelligence infrastructure.
Marvell projected fiscal first-quarter revenue of $1.875 billion, plus or minus 5%, and adjusted earnings per share of 56 cents to 66 cents. Those projections were roughly in line with the analyst consensus.
However, expectations for Marvell’s outlook were high heading into the results, with Bank of America analysts calling for AI-driven upside and a “largely better” forecast. Marvell shares also saw a jump in short interest over the past week, analysts at S3 Partners said Tuesday.
Shares of Marvell fell 15% in after-hours trading Wednesday following the release. The stock was up about 11% over the past year through Wednesday’s close, after hitting a record high in January.