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Marvell Technology Issues Weaker-Than-Expected Forecast

Joseph Woelfel

declined 4.3% on Friday to $18.34 after the chipmaker issued an earnings forecast for its fiscal first quarter below Wall Street estimates. Marvell on Thursday reported adjusted fourth-quarter earnings of 25 cents a share, matching estimates, on sales of nearly $745 million, which came in above forecasts. "Marvell continued to improve its financial performance in fiscal 2019, while also increasing scale and diversifying its business through the acquisition of Cavium," said Matt Murphy, Marvell's president and CEO.