06:27 AM EST, 03/08/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Marvell Technology's ( MRVL ) shares were 5.7% lower in premarket Friday after dropping as much as 10% in late-hours trading on Thursday, following the company's fiscal Q4 results that showed its Q1 earnings forecast missed estimates and the board expanded a share buyback program.

The company reported fiscal Q4 adjusted earnings late Thursday 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.

Price: 80.21, Change: -4.88, Percent Change: -5.74