The shares of Marvell Technology Group Ltd. fell during Thursday’s extended session after some of the chipmaker’s outlook fell below Wall Street consensus amid a global chip shortage.
shares fell 4% after hours, following a 0.1% gain in the regular session to close at $63.24.
Marvell forecast adjusted third-quarter earnings of 35 cents to 41 cents per share on revenue of $1.11 billion to $1.18 billion. Analysts expect 37 cents a share on $1.13 billion in revenue.
Meanwhile, the company reported a fiscal loss for the second quarter of $276.4 million, or 34 cents per share, compared to a loss of $88.2 million or 13 cents per share in the same period a year ago.
Adjusted earnings, excluding share-based compensation and other items, were 34 cents per share, compared to 21 cents per share in the same quarter last year.
Revenue rose to $1.08 billion from $727.3 million in the same quarter a year ago. Analysts polled by FactSet had forecast earnings of 31 cents a share on revenue of $1.07 billion.
“I am pleased that the standalone Marvell and acquired Inphi businesses have both contributed to our strong year-over-year revenue growth,” said Matt Murphy, Marvell CEO, in a statement. “We expect year-over-year revenue growth to accelerate in the third quarter, led by substantial contributions from the cloud data center market. In addition, we expect our 5G business to continue to grow with strong sequential revenue growth in the third quarter and a significant increase expected in the fourth quarter.”
Marvell announced his intention to acquire Inphi Corp. and closed the deal in April.
Over the past 12 months, Marvell shares are up 78%, compared to a 50% gain by the PHLX Semiconductor Index SOX,
an increase of 29% by the S&P 500 index SPX,
and a 28% gain by the tech-heavy Nasdaq Composite Index COMP,