India, March 6 -- Shares of Marvell Technology, Inc. (MRVL) tanked nearly 18% on Thursday morning after the semiconductor company reported its fourth-quarter results and issued guidance for the first quarter.
MRVL is currently trading at $74.28, down $15.86 or 17.59%, on the Nasdaq. The stock began trading at $74.08 after closing Wednesday at $90.14. The stock has traded between $53.19 and $127.48 in the past 52-week period.
For the first quarter, the company expects earnings per share of $0.19, plus or minus $0.05, adjusted earnings per share of $0.61, plus or minus $0.05, and revenue of about $1.875 billion, plus or minus 5%.
The company also reported fourth-quarter profit of $200.2 million, or $0.23 per share. This compares to a loss ...