05:22 AM EDT, 05/31/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Marvell Technology's ( MRVL ) shares were down more than 4% in premarket activity Friday after the company reported overnight a decline in fiscal Q1 earnings and sales.

The company 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.

Price: 73.50, Change: -3.35, Percent Change: -4.36