04:44 PM EST, 03/07/2024 (MT Newswires) -- Marvell Technology ( MRVL ) reported fiscal Q4 adjusted earnings of $0.46 per diluted share, unchanged from a year earlier.

Analysts polled by Capital IQ estimated 0.46 per share.

Revenue for the quarter ended Feb. 3 was $1.43 billion, up from $1.42 billion a year earlier.

Analysts surveyed by Capital IQ forecast $1.42 billion.

The chipmaker said it projects fiscal Q1 adjusted EPS of $0.18 to $0.28 on revenue of $1.15 billion, plus or minus 5%. Analysts polled by Capital IQ are looking for an adjusted EPS of $0.40 and revenue of $1.37 billion.

Separately, Marvell ( MRVL ) said its board approved a $3 billion increase in its stock repurchase program, bringing the total authorization to about $3.3 billion.

Shares of Marvell ( MRVL ) were down more than 10% in after-hours activity.

Price: 76.5, Change: -8.59, Percent Change: -10.1