Shares of semiconductor solutions provider Marvell Technology (NASDAQ:MRVL) are tanking in the pre-market session today after the company’s fourth-quarter numbers failed to cheer investors.
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Revenue rose 6% year-over-year to $1.42 billion, outperforming expectations by $10 million. EPS at $0.46, on the other hand, came in line with expectations. The company is witnessing growth across cloud, 5G, auto, and enterprise networking. Further, it also expects the current challenges from inventory corrections and product mix to subside in late fiscal 2024.
Looking ahead, for Q1 fiscal 2024, net revenue is seen at $1.3 billion +/-5%. EPS is anticipated to hover at $0.29 +/- $0.05.
Overall, Wall Street has a consensus price target of $60.36 on MRVL, implying a hefty 30.56% potential upside in the stock. That’s on top of a 28.4% surge in the share price so far this year.
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