04:32 PM EDT, 05/30/2024 (MT Newswires) -- Marvell Technology ( MRVL ) reported fiscal Q1 adjusted earnings late Thursday of $0.24 per diluted share, down from $0.31 a year earlier.

Analysts polled by Capital IQ estimated $0.24.

Revenue for the quarter ended May 4 was $1.16 billion, down from $1.32 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.16 billion.

The chipmaker said it projects fiscal Q2 adjusted EPS of between $0.24 and $0.34, on revenue of $1.25 billion plus or minus 5%. Analysts polled by Capital IQ are looking for an adjusted EPS of $0.29 and revenue of $1.24 billion.

Shares of Marvell Technology ( MRVL ) were down 1.8% in after-hours activity.

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