Marvell Technology slips as guidance comes in just shy of estimates
Sundry Photography

Marvell Technology (NASDAQ:MRVL) shares slipped nearly 3% in extended trading on Thursday after the semiconductor company issued third-quarter guidance that fell just shy of analysts' estimates at the mid-point.
The Matt Murphy-led Marvell (MRVL) said it expects sales to be $1.56B, plus or minus 3%. The company also expects non-GAAP gross margins to be 65%, plus or minus 0.25%, along with adjusted earnings per share of 59 cents, plus or minus 3 cents. 
Analysts were expecting third-quarter revenue of $1.58B and 61 cents per share in adjusted earnings.
Murphy added that sequential revenue growth would "accelerate" in the fourth-quarter, citing the continued abatement of supply chain constraints. 
"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," Murphy explained.
Nonetheless, Marvell (MRVL), which makes chipsets for 5G networks and the data center, continued to experience strong growth in the second-quarter, as it earned an adjusted 57 cents per share on $1.52B in revenue, up 41% year-over-year. 
Analysts were expecting adjusted earnings of 56 cents per share on $1.52B in revenue for the period ending July 30.
Prior to releasing second-quarter results, investment firm Morgan Stanley said the outlook from Marvell (MRVL) on both cloud and data center spending would be key for investors.