Marvell Technology reports strong Q4 results but stock falls on weak guidance

From Nasdaq:

Marvell Technology reported impressive fourth-quarter fiscal 2024 results, with revenues beating estimates. However, MRVL stock fell 7.7% on weak first-quarter guidance. Data center revenues increased by 54%, while enterprise networking revenues declined by 28%. Marvell’s non-GAAP gross profit increased by 1.2% year over year to $911.1 million.

Marvell expects first-quarter fiscal 2025 revenues of $1.15 billion, below the Zacks Consensus Estimate of $1.36 billion. The company projects non-GAAP earnings per share of 23 cents. Marvell’s stock has risen 41.1% year to date. NVIDIA, Meta Platforms, and Amazon are top-ranked technology stocks with strong growth potential.

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