Tighter money and a slowing economy impacts company earnings
Posted By RichC on March 2, 2023
A chip company I’ve watched and traded up and down over the last few years has been Marvell Technology Group ($MRVL) and achieving consistency quarter to quarter and year to year is a challenge. With the economies around the world stressed with higher inflation and the tightening from central banks, meeting earnings estimates is becoming the norm. After hours postmarket trading indicates how investors reacted.
Marvell Technology Group (NASDAQ:MRVL) reported quarterly earnings of $0.46 per share which missed the analyst consensus estimate of $0.47 by 2.13 percent. This is a 8 percent decrease over earnings of $0.50 per share from the same period last year. The company reported quarterly sales of $1.42 billion which beat the analyst consensus estimate of $1.40 billion by 1.36 percent. This is a 5.66 percent increase over sales of $1.34 billion the same period last year.
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